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A US judge has ordered Petrobras, the state-run Brazilian oil company, to face class-action litigation by investors seeking to recoup billions of dollars in losses stemming from a bribery and political kickback scandal.
In a decision made public on Tuesday, US district judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims are similar enough to be pursued as groups.
One class bought various Petrobras securities from January 2010 to July 2015 and will be led by Germany’s Union Asset Management Holdings AG. The other bought debt securities from offerings in 2013 and 2014, and will be led by North Carolina’s treasurer and the Employees’ Retirement System of Hawaii.
The original article can be found at theguardian.com