EIG Energy Fund XIV, L.P. v. Petroleo Brasileiro, S.A.

EIG, an American investment fund, filed suit against Petrobras and others, alleging counts of fraud, aiding and abetting fraud and civil conspiracy to commit fraud. EIG's claims stemmed from its loss of a $221 million investment in an undersea oil-drilling project off the coast of Brazil. Petrobras moved for dismissal based on lack of subject matter jurisdiction, arguing that Petrobras was an instrumentality of the Brazilian state and thus immune from suit under the Foreign Sovereign Immunities Act. The DC Circuit affirmed the district court's order denying dismissal, holding that Petrobras was not immune from EIG's suit. The court concluded that Petrobras's commercial activity in Brazil caused a direct effect in the United States, including a direct effect on EIG. View "EIG Energy Fund XIV, L.P. v. Petroleo Brasileiro, S.A." on Justia Law