On February 1, 2016, Pomerantz was victorious in achieving class certification in a high-profile class action against Petróleo Brasileiro S.A. – Petrobras, Brazil’s state-run oil giant, concerning its involvement in one of the largest corruption and bribery scandals of the 21st century.
In 2015, Pomerantz was appointed sole lead counsel in the litigation. Although our client did not suffer the largest financial loss, the Court found that Pomerantz’s outstanding reputation and the client’s conduct in overseeing counsel represented the “gold standard” for institutional investors seeking to move for appointment as lead plaintiff. The Petrobras litigation – with its titanic amount of discovery documents, most of them in Portuguese – exemplifies the complex securities class actions prosecuted by the firm.
Judge Jed S. Rakoff, in granting class certification, wrote:
“. . . [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.”
In re Petrobras Sec. Litig., (S.D.N.Y.)