Tag Archives: 14 Civ. 09662

Judge Rakoff: Parties’ “Strategic Concerns” Don’t Justify Sealing Settlement Terms

Today, Judge Rakoff rejected an attempt by the parties in the Petrobras securities litigation (see our prior coverage here) to keep parts of the settlement agreement in that case out of the public record.  Judge Rakoff had previously rebuffed the parties’ request to keep parts of the settlement agreement confidential, and the parties had renewed … Continue Reading

Judge Rakoff Won’t Stay Petrobras Securities Trial, Calls Delay “Bane” of U.S. Legal System

Last week, Judge Rakoff denied a request from the defendants in a group of Petrobras securities cases to stay a September trial date pending the Second Circuit’s consideration of an interlocutory appeal of class certification.  The defendants argued that the Second Circuit appeal was on an expedited schedule, and that significant expense could be saved in the … Continue Reading

Judge Rakoff Dismisses 10(b) Claims Against PwC for Alleged Petrobras Bribery Scheme, But Allows Section 11 Claims to Proceed Despite Omnicare

Last week, Judge Rakoff granted Pricewaterhouse Coopers’ motion to dismiss Section 10(b) claims brought as part of the ongoing class action over an alleged bribery and kickback scheme at Brazilian oil giant Petrobras.  PwC’s Brazilian member firm had served as Petrobras’ independent auditor.  PwC argued that the fourth amended complaint had failed to properly allege scienter, and … Continue Reading
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