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Petrobras U.S. American Depository Receipts/Shares (ADR/ADS) Litigation

Petrobras U.S. American Depository Receipts/Shares (ADR/ADS) Litigation

Class action law suit pending in the United States District Court for the Southern District of New York alleging violations of the federal securities laws by defendants for purportedly concealing a multi-year, multi-billion dollar bribery and kickback scheme.

With the deadline to submit a claim set for June 9, 2018, Battea will continue to monitor and update you on any new information regarding this case as soon as it comes available. Contact info@battea.com today with any questions that you may have; ensure your eligibility to file and recover settlement dollars to which you are entitled.

Overview:

On January 3, 2018, Petrobras announced that in connection with the losses investors suffered from the Lava Jato bribery scandal, it had agreed to a USD 2.95 Billion settlement with investors who purchased American Depository Shares (ADS) and certain Petrobras bonds. The settlement fund has since grown to USD 3 Billion.

Claims Filing Deadline:June 9, 2018
Case Name:In Re: Petrobras Securities Litigation
Preliminarily Approved Settlement Fund:$3,000,000,000
Class Period:January 22, 2010 through July 28, 2015

Eligible Transactions:

The securities included in the Settlement are those described below. The Settlement Class includes all Persons who:

  • (a) during the time Period between January 22, 2010 and July 28, 2015, inclusive (the “Class Period”), purchased or otherwise acquired Petrobras Securities, including debt securities issued by PifCo and/or PGF, on the New York Stock Exchange or pursuant to other Covered Transactions; and/or
  • (b) purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in Covered Transactions, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or a March 10, 2014 public offering registered in the United States before Petrobras made generally available to its security holders an earnings statement covering a period of at least twelve months beginning after the effective date of the offerings (August 11, 2014 in the case of the May 13, 2013 public offering and May 15, 2015 in the case of the March 10, 2014 public offering).

For purposes of the Settlements, “Covered Transaction” means any transaction that satisfies any of the following criteria:

  • (i) any transaction in a Petrobras Security listed for trading on the New York Stock Exchange (“NYSE”);
  • (ii) any transaction in a Petrobras Security that cleared or settled through the Depository Trust Company’s book-entry system; or
  • (iii) any transaction in a Petrobras Security to which the United States securities laws apply, including as applicable pursuant to the Supreme Court’s decision in Morrison v. National Australia Bank, 561 U.S. 247 (2010).

The following are Petrobras Securities that satisfy criteria (i) and (ii):

DescriptionCUSIP or ISIN
Petrobras Common ADS (PBR)
Petrobras Preferred ADS (PBR/A)
WAH 8.375% Global Notes due 2018 71645WAH4
WAL 6.125% Global Notes due 201671645WAL5
WAM 5.875% Global Notes due 201871645WAM3
WAN 7.875% Global Notes due 201971645WAN1
WAP 5.75% Global Notes due 202071645WAP6
WAQ 6.875% Global Notes due 204071645WAQ4
WAT 3.875% Global Notes due 201671645WAT8
WAR 5.375% Global Notes due 202171645WAR2
WAS 6.750% Global Notes due 204171645WAS0
WAU 3.500% Global Notes due 201771645WAU5
WAV 2.875% Global Notes due 2015 71645WAV3
NAC 2.000% Global Notes due 2016 71647NAC3
NAB 3.000% Global Notes due 2019 71647NAB5
NAF 4.375% Global Notes due 2023 71647NAF6
NAA 5.625% Global Notes due 2043 71647NAA7
NAD 3M LIBOR + 1.620% Floating Rate Global Notes due 2016 71647NAD1
NAE 3M LIBOR + 2.140% Floating Rate Global Notes due 2019 71647NAE9
NAG 3.250% Global Notes due 2017 71647NAG4
NAH 4.875% Global Notes due 2020 71647NAH2
NAM 6.250% Global Notes due 2024 71647NAM1
NAK 7.250% Global Notes due 2044 71647NAK5
NAJ 3M LIBOR + 2.360% Floating Rate Global Notes due 2017 71647NAJ8
NAL 3M LIBOR + 2.880% Floating Rate Global Notes due 2020 71647NAL3
NAN 6.850% Global Notes due 2115 71647NAN9
WAG 9.125% Global Notes due 2013 71645WAG6
WAJ 7.75% Global Notes due 2014 71645WAJ0
WAB 9.75% Global Notes due 201171645WAB7
P01 11% Global Notes due 2012BRPETRDBS019
P02 10.3% Global Notes due 2010BRPETRDBS027
P04 2.15% Global Notes due 2016JP90B000UCE1
P05 4.875% Global Notes due 2018XS0716979249
P06 5.875% Global Notes due 2022XS0716979595
P07 6.25% Global Notes due 2026XS0718502007
P08 3.25% Global Notes due 2019XS0835886598
P09 4.25% Global Notes due 2023XS0835890350
P10 5.375% Global Notes due 2029XS0835891838
P12 2.75% Global Notes due 2018XS0982711631
P14 3.75% Global Notes due 2021XS0982711987
P13 4.75% Global Notes due 2025XS0982711714
P11 6.625% Global Notes due 2034XS0982711474
P03 6.83% Global Notes due 2020BRPETRDBS043

Certain Petrobras Securities Not Included in this Settlement:

In addition to assisting clients that traded Petrobras ADS and the Petrobras bonds identified below, Battea is assisting a large number of institutional clients who suffered hundreds of millions in dollars in losses trading Petrobras common shares (PETR3) and Petrobras preferred shares (PETR4), which are listed on BM&F Bovespa, as well as certain Petrobras bonds that were purchased or acquired in non-US transactions that did not clear or settle through the Depository Trust Company’s book-entry system, with submitting their claims via current litigation efforts in District Court in Rotterdam, the Netherlands. Investors are turning their attention to the fact that Petrobras Global Finance B.V., as well as many international Petrobras subsidiaries are headquartered in the Netherlands (not in Brazil), and believe the avenue for recovery via litigation here, provides a much stronger outlook than doubtful arbitration efforts in Brazil. Learn more about the separate litigation in the Netherlands below.

Who is Eligible to Participate in the International Recovery Action in the Netherlands:

The pending international recovery action in the Netherlands covers all persons or entities who purchased or acquired before July 28, 2015 any Petrobras security not covered by the US Settlement, which includes both Petrobras common and preferred shares traded on Bovespa, as well as certain Petrobras bonds purchased or acquired in non-US transactions where such transactions did not clear or settle through the Depository Trust Company’s book-entry system.

Battea can assist investors with determining and preserving eligibility in both the U.S. case and the international Netherlands case.