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.

Read more…


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