US appeals court hears arguments on scope of Petrobras class action

Attorneys for Brazil’s state-controlled oil company, Petroleo Brasileiro SA, asked a U.S. federal appeals court on Wednesday to de-certify a class of investors trying to recoup billions of dollars in losses stemming from a sprawling corruption scandal.

Petrobras, as the company is known, and its bank underwriters argued that it is not clear buyers and sellers of the company’s securities, traded on exchanges all around the world, were doing transactions in the Unites States. Only securities traded in the United States can be included in the class action.

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