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May 11, 2020

SDNY Allows Kramer Levin Clients EIG Energy Funds XIV and XV to Move Forward with Aiding and Abetting Fraud Claim Against Keppel Offshore & Marine

On May 11, 2020, the U.S. District Court for the Southern District of New York ruled that Kramer Levin clients EIG Energy Funds XIV and XV can move forward with their aiding and abetting fraud claim against Keppel Offshore & Marine Ltd. Among other things, the Court ruled that the Funds’ complaint adequately alleged facts detailing Keppel’s facilitation of a scheme to defraud the Funds, which resulted in their loss of hundreds of millions of dollars. The lawsuit arises from Keppel’s participation in a massive corruption scheme in Brazil, known as the “car wash” scandal. In connection with that scandal, in December 2017, Keppel entered into a deferred prosecution agreement with the U.S. Attorney’s Office for the Eastern District of New York, in which it admitted to violating the Foreign Corrupt Practices Act and agreed to pay a criminal fine in the amount of $422 million.

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