Minority creditors of Brazil's Oleo e Gas sue Deutsche Bank

SAO PAULO Fri May 30, 2014 9:26pm EDT

SAO PAULO May 30 (Reuters) - Minority bondholders of bankrupt Brazilian oil company Oleo e Gas Participações SA filed suit in New York state court on Friday against Deutsche Bank AG, which is the trustee for $3.6 billion of principal of defaulted notes.

The bonds were issued by an Austrian subsidiary of Oleo e Gas, a company formerly known as OGX that filed for Latin America's largest-ever bankruptcy in October.

The minority bondholder plaintiffs allege that Deutsche Bank and affiliates "have made or will make grossly disproportionate distributions" to majority bondholders, according to a statement from the plaintiff's firm, Brown Rudnick LLP on Friday.

The plaintiffs believe majority bondholders will receive recovery at a rate 3.5 times over those of minority bondholders, in violation of Deutsche Bank's duty as trustee to "ensure that all holders of the notes are treated equally," the statement said.

Plaintiffs include Capital Ventures International of the Cayman Islands, GLG Partners LP of London, Brennus Asset Management and VR Global Partners L.P. (Reporting by Caroline Stauffer; Editing by Lisa Shumaker)

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