Limitations Litigation

The Fifth Circuit found that Petrobras did not have sufficient knowledge of a potential claim to trigger limitations in Petrobras America, Inc. v. Samsung Heavy Indus. Co., holding:

• two officers “acted in their own interests by accepting $10 million in bribes . . . [t]hus, [they] are clearly adverse agents of Petrobras. Their knowledge cannot be imputed to Petrobras.”;
• “an ujnfavorable contract alone is not a legally cognizable injury”;
• statements in SEC filings about the general topic of bribery, when they involved “separate bribery schemes [that] involved separate parties, separate contracts, and separate ships,” “at best raise fact questions not suitable for disposition under Rule 12(b)(6).”

No. 20-20339 (Aug. 11, 2021).