Hedge fund VR Global Partners LP sued Venezuela’s state-owned gas company Petróleos de Venezuela SA and related companies for common law fraud and violating the Securities and Exchange acts.
VR Global claimed that PDVSA made false representations and/or omissions in an ongoing “fraudulent scheme” in connection with senior secured notes that it issued in connection with an exchange offer in 2016.
The plaintiff claimed Thursday in the US District Court for the Southern District of New York that PDVSA led them to believe that the 2020 notes were legal and enforceable, when they were actually contingent on the Venezuelan government. ...
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