Pimco sues Brazil’s Petrobras for fraud

Will Connors – The Wall Street Jounal, 10/20/2015

Add giant investment firm Pacific Investment Management Co. to the list of entities suing Brazil’s troubled state-run oil company Petroleo Brasileiro SA.

California-based Pimco claims in its lawsuit that Petrobras misled investors about the scope and scale of a vast corruption scandal that has wiped billions of dollars in value from Petrobras’ books.

Pimco is the latest among a long list of plaintiffs seeking to recoup money they lost as a result of the scandal, and the suit is yet more bad news for Petrobras as it struggles to restore its reputation and sell assets to reduce its ballooning debt pile.

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