Class Action News

Petrobras Securities Settlement Objectors Avoid Sanctions

March 6, 2019, 5:15 PM

Attorneys representing the class in a $3 billion securities fraud settlement with Brazil’s state-run oil company Petrobras failed at their second attempt for sanctions against a group of objectors.

The court denied their first sanctions request in September. The subsequent conduct they complain of has been solely before the U.S. Court of Appeals for the Second Circuit, Judge Jed S. Rakoff wrote for the U.S. District Court for the Southern District of New York.

“The Second Circuit maintains the full capacity to consider whether sanctions are appropriate given the meritless nature of the appeal and the apparent attempts to evade...

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