Jun
24
Petrobras Tries to Halt Investor Suits as Bribery Probe Widens
ByPetroleo Brasileiro SA is heading into a Manhattan courtroom Thursday to ask a judge to throw out investor lawsuits triggered by the multibillion-dollar bribery scandal that’s rocking Brazil’s economy and its political elite.
Less than a week after police detained the chief executives of Brazil’s two biggest builders in connection with the kickback probe, the state-owned energy giant is asking that the investor cases be dismissed, saying it was swindled by renegade employees who traded construction contracts for payoffs.
The investors, led by a Liverpool, England-based pension fund, claim the scandal helped knock tens of billions of dollars off Petrobras’s market value…
Petrobras Tries to Halt Investor Suits as Bribery Probe Widens
