In re Petrobras Securities Litigation

Case # 14-cv-09662
Case Name In re Petrobras Securities Litigation
Jurisdiction US District Court for S.D. NY
Summary

A wide-ranging corruption scheme engulfed Brazilian-based Petrobras, driving the company and share value down precipitously.  Plaintiffs bring this case on behalf of shareholders who were financially harmed as a result of fraudulent and misleading statements and practices by Petrobras.

Final Approval Date ongoing
Result
  1. Final Approval hearing set for June 1, 2018.
Dismissal of Last Appeal N/A
Attachments Docket Report.pdf
Consolidated Fourth Amended Class Action Complaint.pdf
Preliminary Approval Order.pdf
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Objection of William Thomas Haynes

Objectors William Thomas Haynes
Signers William Thomas Haynes
Anna St. John
Attorneys Anna St. John
Theodore H. Frank
Summary
  1. Representation is inadequate, due to divisions among class members who purchased shares domestically and those who did so through foreign transactions.
  2. Attorneys' fees are excessive.
    • Lodestar is overstated by including fees for foreign attorneys and inflated rates for contract attorneys.
    • Multiplier is excessive.
Attachments Objection of William Thomas Haynes.pdf
St. John Declaration in Support of Haynes Objection.pdf
Frank Declaration in Support of Haynes Objection.pdf
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Objection of Spencer R. Bueno

Objectors Spencer R. Bueno
Signers Joshua R. Furman
Attorneys Joshua R. Furman
Summary
  1. Claims process is deliberately opaque and uncertain.
  2. Class representative incentive awards are excessive.
  3. Attorneys' fees are excessive and unsupported.
Attachments Objection of Spencer R. Bueno.pdf
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Objection of Mathis Bishop, Catherine Bishop

Objectors Mathis Bishop
Catherine Bishop
Signers Mathis Bishop
Catherine Bishop
Attorneys
Summary
  1. Attorneys' fees are excessive and unsupported.
Attachments Objection of Mathis and Catherine Bishop.pdf
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Objection of Anne Cochran

Objectors Anne Cochran
Signers
Attorneys John J. Pentz
Summary

Objector Cochran's objection does not appear in the record but her attorney, John J. Pentz, was admitted.

Attachments Pentz Pro Hac Vice Admission for Objector Cochran.pdf
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