FRT provides insight for Ignites article regarding Petrobras securities litigation

FRT Admin
Site administrator
October 1, 2015

Signitessince December, there have been five securities class action suits filed against Petrobras, which were consolidated into one case in March. The alleged corruption involved bribing government officials resulting in a multi-billion dollar money laundering scheme. This case has received high attention with filings in U.S. and Brazilian courts.

“This is one of those frauds that is so widespread … that it’s impacted every investor down to the retail investor, and we’re seeing more funds that focus on the retail investor stepping up to protect their interest,” says Michael Lange, the counsel of securities litigation at Financial Recovery Technologies.

Some funds have decided to opt-out of the class case and take direct action against Petrobras due to the alleged bribery scheme. Firms have the option to opt-out of the class, and if successful in their litigation, it is possible for the firms to recover a greater percentage of damages. These suits were brought separately last week, and Jed Rakoff ruled that they will be treated as one case in the beginning stages of the suit. It will be interesting to see if the suits are successful, how much they recover, and if the trend of firms opting out continues its momentum.

The original article was published by Ignites. Those with a paid subscription can read the full story 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 do 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.