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News & Insights

Keppel Offshore & Marine Ltd. Wins Summary Judgment Dismissing Fraud Claims

March 21, 2024

On March 20, 2024, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Keppel Offshore & Marine Ltd. (“KOM”), dismissing an action alleging claims for fraud, aiding and abetting fraud and conspiracy. Plaintiffs, a set of energy and investment funds managed by EIG Management Company, LLC (collectively, “EIG”) claimed that KOM failed to disclose that it was engaged in a bribery scheme with Petróleo Brasileiro S.A. (“Petrobras”), the Brazilian oil company, and with a company under Petrobras’s control, Sete Brasil Participações, S.A. (“Sete”). According to EIG, this failure to disclose caused EIG to invest over $220 million in Sete, defrauding EIG.

The Court agreed with KOM that summary judgment was warranted on two independent bases. First, it held that there was no evidence that KOM had actual knowledge that Petrobras and Sete were defrauding EIG or concealing any corruption from EIG. Second, the Court held there was no evidence that KOM substantially assisted any fraud perpetrated on EIG. In so doing, the Court considered and rejected EIG’s arguments that KOM made fraudulent misstatements, that KOM should be held liable based on the purportedly interdependent nature of the larger bribery schemes and that particular actions taken by KOM, such as tours of its shipyards and formation of consulting agreements, constituted concealment. The court concluded no reasonable juror could find that KOM’s acts evidenced knowledge or substantial assistance of Petrobras and Sete’s scheme to defraud EIG and entered judgment in favor of KOM.

The Cravath team included partners Peter T. Barbur and Rachel G. Skaistis and associate Gaia L. Mattiace.

The case is EIG Energy Fund XIV, L.P. et al. v. Keppel Offshore & Marine, No. 18‑cv‑1047 (S.D.N.Y).

Related Practices & Industries

  • Litigation
  • FCPA and Anti-Corruption
  • General Commercial Disputes
  • Industrials and Chemicals

People

Photo
Name
Peter T. Barbur
Title
Litigation
Title
Partner
Email
pbarbur@cravath.com
Phone
+1-212-474-1058
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    Education

    • J.D., 1987, New York University School of Law
      Order of the Coif, Root-Tilden Scholar, cum laude
    • B.A., 1983, Dartmouth College
      Phi Beta Kappa, magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Rachel G. Skaistis
    Title
    Litigation
    Title
    Partner
    Email
    rskaistis@cravath.com
    Phone
    +1-212-474-1934
    vCard
    Download vCard

      Education

      • J.D., 1997, Cornell Law School
        cum laude
      • B.A., 1992, Yale College

      Admitted In

      • New York

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