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ARTICLE · 16 OCTOBER 2015

Standing of Petrobras Opt-Out Plaintiffs Challenged

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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A recent motion to dismiss filed by the defendants in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing of several institutional opt-out plaintiffs.

United StatesLitigation, Mediation & Arbitration
John McMahon
John McMahon
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A recent motion to dismiss filed by the defendants in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing of several institutional opt-out plaintiffs. Defendants' arguments on standing, if accepted, could have a far reaching impact on an investment advisor's standing to sue on behalf of funds it advises.

As background, Petróleo Brasileiro S.A. ("Petrobras"), a Brazil-based energy multinational, is a target of a Brazilian police investigation of alleged rampant corruption involving construction contracts. Allegedly, several large construction companies colluded to avoid Petrobras's competitive bidding process, giving kickbacks to Petrobras executives to allow the collusion. As a result, Petrobras allegedly significantly overpaid for the construction of certain refineries.

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