U.S. City Sues Petrobras for Corruption-related Bond Loss: Report
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|The U.S. city of Providence, Rhode Island, is suing Brazil's state-run oil company Petroleo Brasileiro SA and some of its executives for bond losses stemming from an alleged kickback and bribery scheme, a leading Brazilian newspaper reported on Friday. The court case is the latest problem for Petrobras, whose stock price has recently fallen to its lowest in nearly 10 years as a widening corruption probe caused the company to delay the release of its third-quarter earnings.
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