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September 25, 2015

Gates Foundation Sues Brazilian Oil Company and Auditor Over Fraud

On Thursday the Bill and Melinda Gates Foundation filed a lawsuit against Brazil’s troubled state-run oil company Petróleo Brasileiro SA and its auditor, claiming that corruption at the company caused the philanthropy to lose tens of millions of dollars, The Wall Street Journal reports.

The foundation joins more than a dozen other U.S. plaintiffs seeking to recover money invested in the company, which has been embroiled in a scandal allegedly involving years of corruption and inflated contracts.

Shares of Petrobras, which in 2010 ranked among the top five biggest companies in the world, have fallen by more than 44 percent this year.