U.S. court puts Brazil’s Petrobras class action on hold

Aug 2, 2016 

A U.S. appeals court put a class action case against Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) on hold pending the resolution of an appeal filed by the company, according to a court filing on Tuesday.

Petrobras, as the company is commonly known, is at the center of a massive corruption investigation in Brazil known as Operation Car Wash, which prompted U.S. shareholders in the company to file the class action.

The Brazilian company is appealing a lower court ruling allowing shareholders to pursue their claims as a group.

(Reporting by Marta Nogeira in Sao Paulo and Mica Rosenberg in New York; Editing by Jonathan Oatis)

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