A U.S. judge has narrowed a class-action lawsuit by investors against Brazil’s state-run oil company Petrobras over losses stemming from a bribery and political kickback scandal.
But U.S. District Judge Jed Rakoff in New York otherwise denied requests by Petroleo Brasileiro SA, as Petrobras is known, to dismiss parts of the investor case.
Under the ruling, Britain’s Universities Superannuation Scheme Ltd, the class action’s lead plaintiff, and Union Asset Management Holding AG will not be able to sue over losses on Petrobras debt securities first offered on March 10, 2014, and bought by the funds after May 15, 2015.
Rakoff ruled against Petrobras on other issues, leaving the complaint against the Rio de Janeiro-based oil company and its executives almost entirely intact.
Among the points Rakoff upheld was decision by the plaintiffs to extend the class period, or the period that they are seeking redress in the courts under the Securities Exchange Act of 1934.
Brazil Energy Insight 
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