Direct litigation actions against Petrobras soar, FRT tells Ignites.

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FRT Admin
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January 12, 2016

Petrobras Securities LItigationThe high profile Petrobras case has received over 50 investors who have chosen to opt-out and pursue direct litigation. In years past, this would be considered an extreme number for the number of plaintiffs who chose to take action directly instead of being a part of the class action. Due to the number of firms who chose to opt-out, the judge has brought parts of the individual filings together, but issues specific to each case will be trialed in the second phase.

“A decade ago, you would see a limited number of opt-outs. But today, it is common for as many as 100 plaintiffs to file their own claim,” said Mike Lange, Counsel at FRT.

Petrobras is a Brazilian oil and energy company who allegedly accepted bribes from potential contractors and set contracts at inflated rates. Petrobras also allegedly over stated the company’s value by billions of dollars. Since the alleged corruption, we have seen multiple securities suits connected to the alleged scandal.

Read more about the Petrobras case here.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.