Adani’s legal troubles may worsen with risk of investor lawsuits
With criminal charges or action by the Securities and Exchange Commission, it’s very common that, within hours sometimes, investor lawsuits start pouring in, said William Devaney, partner at international law firm Baker & McKenzie LLP and a former federal prosecutor.
“They tend to play out for years and often end up in settlements,” he added.
From Avon to Petroleo Brasileiro SA, or Petrobras, companies have paid from a few million dollars to as much as $3 billion to settle securities suits under the US Foreign Corrupt Practices Act that claim financial loss due to material misstatement or breach of fiduciary duties.
This and the civil action by SEC are likely to present more urgent liabilities for Adani than the criminal case.
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