The judge presiding over a proposed securities fraud class action suit against Brazilian petroleum giant Petrobras should have taken a closer look at the types of stock purchases the plaintiffs made before class certification, a federal appeals court has ruled.
Petrobras, in which the Brazilian government holds a majority stake, was once among the largest companies in the world. But its value plunged in the wake of a sprawling money laundering and bribery scheme involving Brazilian politicians and captains of industry, including the CEO of Odebrecht, the construction conglomerate that pleaded guilty last year in the Eastern District to running a vast bribery operation.
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