More Pension Funds Join Lawsuit Against Brazilian Oil Company

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The number of pension funds suing Brazilian oil company Petrobaras is growing larger by the week.

The state-owned oil company is at the center of a corruption investigation, and many pension funds have suffered significant investment losses as result.

In a new development this week, Swedish buffer fund Ap1 will be leading its own legal challenge against the company.

From Investments & Pensions Europe:

Swedish pensions buffer fund AP1 has opted out of collective legal action in the US against the semi-public Brazilian oil company Petróleo Brasileiro (Petrobras), whose share price has collapsed after becoming embroiled in a corruption scandal.

The pension fund was part of a filing in the US District Court Southern District of New York, dated 23 March.

AP1 is listed as a plaintiff alongside six New York pension funds: the New York City Employees’ Retirement System, the New York City Police Pension Fund, the Board of Education Retirement System of the City of New York, the Teachers’ Retirement System of the City of New York, the New York City Fire Department Pension Fund and the New York City Deferred Compensation Plan.

[…]

Meanwhile, Dutch pensions manager APG, which last year had €124m invested in Petrobras, said it was not considering going it alone with action against the Brazilian company, as it saw no reason to do so yet.

Read more of Pension360’s Petrobras coverage here.

 

Photo by Joe Gratz via Flickr CC License

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