POMERANTZ LEADS HISTORIC PETROBRAS SECURITIES CLASS ACTION
Brazil’s energy giant, Petrobras, is accused of a sprawling kickback scheme that involves some of the country's top politicians; Pomerantz leads a group of consolidated class actions on behalf of injured investors.
In March 2015, Judge Rakoff appointed Pomerantz to lead a consolidated group of securities class actions over revelations of rampant corruption at Brazil’s state-run oil company, Petroleo Brasileiro SA (“Petrobras”). Pomerantz represents lead plaintiff Universities Superannuation Scheme Ltd. (“USS”). On July 9, 2015, Pomerantz won a major victory for Petrobras investors when Judge Rakoff rejected defendants’ motion to dismiss the action.
In February 2016, New York U.S. District Judge Jed S. Rakoff granted class certification in the Petrobras securities litigation, stating:
“. . . [O]n the basis not only of USS's counsel's prior experience but also the Court's observation of its advocacy over the many months since it was appointed lead counsel, the Court concludes that Pomerantz, the proposed class counsel, is "qualified, experienced and able to conduct the litigation. . . [T]he Pomerantz firm has both the skill and resources to represent the Classes adequately.”
AT THE VANGUARD
OF LITIGATION AGAINST BP
Additional Successes in the Landmark BP Litigation In October 2014, Pomerantz once again secured crucial victories in its ground-breaking litigation over BP plc's ("BP") 2010 Gulf of Mexico oil spill. This time, Pomerantz established the right of individual foreign investors who purchased foreign-traded shares of a foreign corporation to pursue claims for securities fraud in a U.S. court, thereby overcoming obstacles created by the U.S. Supreme Court’s 2010 read more