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Investors prepare class action to challenge losses with Petrobras intervention

RIO DE JANEIRO, BRAZIL - Attorney André Almeida, one of the parties behind the class action lawsuit for investor losses resulting from the corruption scheme investigated by Operation Lava Jato, says he is now preparing a similar lawsuit in relation to the company's loss of market value after intervention by President Jair Bolsonaro.

He claims that the government oversteps its duties as majority shareholder by wanting the company to implement public policies of interest to the federal government. "Petrobras is not a Brazilian government company, it is owned by private shareholders," he says.

In the Lava Jato lawsuit, which began . . .

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