One of Sweden’s largest investors has pledged to take direct legal action against Petrobras, becoming the third large investor to seek damages individually from the Brazilian oil group.
The $30 billion AP1 pension fund plans to sue Petrobras separately from an existing class action lawsuit after revelations of a multibillion-dollar corruption scandal at Brazil’s biggest company by sales.
A spokesperson for AP1, which held 3.7m of Petrobras shares at the end of December, said: “We have opted out from the class action and intend to have our own process against the company.”
In the past two weeks, Dimensional Fund Advisors, the US fund house, and six New York City pension funds also opted out of the class action to sue Petrobras for losses suffered as a result of bribery alleged to have taken place between 2004 and 2012.
The investor suits, which have been filed in the New York court system, claim that the company misstated the value of its assets and made misleading statements about its anti-corruption policies and internal financial reporting controls. Petrobras stock was consequently sold at artificially inflated prices, according to the legal filings.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!
Bend over Brasileiro, this is your tax reais that will be leaving the country permanently.Apr 06th, 2015 - 08:14 am 0
The Children who Rule Brazil just cannot get why all the fuss is being raised.Apr 06th, 2015 - 11:09 am 0
This is how things are done in SA and anybody who invests here needs to understand that. OK the amounts are huge, but so is Brazil! :o)
I do not want to sound rude, but the amounts invested by these foreign funds are negligible by the standards of Petrobras and Brazil.Apr 06th, 2015 - 11:39 am 0
Moreover, as my way of seeing the world is more to the left than to the right I believe the fewer there are financial links between South America and the West, less speculation and meddling in our internal affairs there will.
Será que é tão difícil perceber que nós não queremos fazer parte do mundo de vocês? Essa ações legais só vem fortalecer nossa determinação.