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Financial News: PETROBRAS: U.S. Court Suspends Class Action Against The

PETROBRAS: U.S. Court Suspends Class Action Against The Company

11/06/2017 - 16:11:00 (RTTNews)

(RTTNews) - The United States Court of Appeals for the Second Circuit accepted a motion for the suspension of a class action against the Brazilian state-owned oil company Petrobras in New York.

The class action will remain suspended until the U.S. Supreme Court decides if Petrobras' appeal will be heard.

Last week, the Brazilian state-owned company filed a petition with the U.S. Supreme Court requesting the admission of an appeal against certain aspects of the decision of the Second Circuit Court of Appeals.

On July 7, according to Petrobras, the court had vacated in part the class certification order of the United States District Court for the Southern District of New York and remanded the matter for further proceedings.

"Petrobras reiterates that it will continue to take all measures necessary for defending its rights," said the company in a statement.

Petrobras is under some civil proceedings relating to the discovery of a corruption scheme which operated within the company.

According to Brazilian authorities, directors of the state-owned oil firm received bribes to sign overbilled contracts, and part of the illicit proceedings was directed to politicians in Brazil.

The class action says that Petrobras made materially false and misleading statements and omissions regarding the value of its assets, the amounts of the company's expenses and net income, the effectiveness of internal controls over financial reporting and anti-corruption policies.

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