Brazil’s Petrobras Trial Date Set, As U.S. Pension Funds Seek ‘Tens of Billions’ In Losses

Kenneth Rapoza – Forbes, 05/26/2016

Brazil’s oil company Petrobras will finally get its day in a U.S. court on Sept. 19 in a trial that pits 18 former executives and 13 investment banks, including J.P. Morgan Securities, against U.S. and U.K. investors. Claimants are seeking “tens of billions of dollars” in losses.

The company is the centerpiece in what has become Brazil’s crime of the century. The scandal involving contract rigging, bribery and money laundering recently brought down a sitting president and promises to devour a chunk of Brazil’s career politicians in criminal probes.

“We are seeking multiple tens of billions of dollars,” says lead counsel Jeremy Lieberman of Pomerantz, the New York law firm leading the charge against Petrobras. “Not only are we challenging company statements on how it engaged in this bribery scheme and inflated its assets, we are saying that Petrobras’ claim that it lost about $2.5 billion to fraud is wrong. It’s a whole lot more than that.”

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