PDVSA Trust Loses Appeal Over Right to Sue for Trade Secret Hack

March 18, 2021, 5:42 PM

A litigation trust can’t pursue its lawsuit over an alleged hacking scheme that targeted Venezuelan state-owned oil company Petróleos de Venezuela SA, the Eleventh Circuit affirmed Thursday, saying the appeal “might have come out differently had it been argued differently.”

The trust was created so efforts to hold defendants accountable could proceed without interference from the instability and corruption in “Venezuelan government and society,” according to its brief. However, it was a stranger to the underlying disputes, according to the U.S. Court of Appeals for the Eleventh Circuit.

The trust argued it fell within New York’s champerty doctrine’s “safe harbor” ...

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