A US judge has ruled that an investor lawsuit against Petrobas over securities losses stemming from a multi- billion-dollar bribery scheme will go forward, dismissing some but not all claims in the case.
The federal judge in Manhattan told the two sides to be ready for trial by February, according to a court order.
Investors accuse executives of the state-owned oil company of publishing misleading financial statements and overstating the quality of internal controls during a multibillion-dollar money-laundering and bribery scheme that rocked Brazil’s economy and cut the value of the oil giant’s securities.
Petrobras argued the case should be thrown out, saying the company was a victim of the plot, run by contractors and “rogue” politicians with help from a few corrupt employees.
The cash traded for political favours came from the company, it said.