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[$$] ConocoPhillips Targets Venezuela Oil Claims

Co. asked a New York federal court on Friday to seize control of billions of dollars in legal claims asserted by Venezuela’s indebted state oil company against foreign oil traders. Houston-based ConocoPhillips sued a legal trust created to bring multibillion-dollar commercial tort claims on behalf of Petroleós de Venezuela SA, or PdVSA, surrounding an alleged corruption scheme involving dozens of oil trading companies, banks and individuals. PdVSA set up the trust as a vehicle for prosecuting those claims, earmarking 66% of the potential proceeds for New York law firms that agreed to front legal costs.