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alp227

(31,959 posts)
Sat Dec 27, 2014, 12:59 AM Dec 2014

Brazilian oil company Petrobras sued by US city

Source: BBC

The US city of Providence, Rhode Island is suing the Brazilian state-run oil company Petrobras over investor losses due to a corruption scandal.

Unlike other class actions, some of the company's senior executives have also been named as defendants.

Providence alleges that Petrobras made false statements to investors that inflated the company's value.

Its lawyers say that when the corruption scandal broke, the city's investments plummeted.

Read more: http://www.bbc.com/news/world-latin-america-30607403

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