Petrobras International Litigation
SETTLEMENT FUND: TBD
FILING DEADLINE: TBD
October 10, 2014 — December 10, 2014
Investors who purchased Common and Preferred shares of Petrobras and/or Bonds issued by Petrobras Global Finance B.V. or Petrobras International Finance Company S.A. anytime before July 28, 2015 should confirm their eligibility today.
Common and Preferred shares of Petrobras and/or Bonds issued by Petrobras Global Finance B.V. or Petrobras International Finance Company S.A.
For nearly a decade, Petrobras allegedly engaged in a massive corruption scheme that went unchallenged until 2014, when, on October 27, 2014, it issued a press release stating that certain of its key executives were being investigated in connection with bribery and money laundering. Since then, prosecutors and federal police in Brazil have unearthed the countrys largest-ever corruption scandal by linking a ring of black-market money changers to a price-fixing and political kickback scheme at the state-run oil company.
This is a collective legal action against Petroleo Brasileiro SA for investors who purchased Petrobras securities in transactions outside of the United States, primarily securities issued in Brazil, the Netherlands and Spain.
September 2018: The Dutch Court ruled for granting jurisdiction in the Netherlands.
The Dutch court ruled that the Company’s own articles calling for arbitration, did not meet the standard for which Dutch courts determine to be valid ground to deny the investors and the Foundation constitutional access to bring litigation and claims against Petrobras in the Netherlands
The Foundation representing the damaged investors has won a crucial jurisdiction battle in the Netherlands. Petrobras will face the Foundation in the District Court in Rotterdam in the first quarter of 2020. The Foundation is confident that it will prevail against Petrobras on the merits of the fraud allegations. If this happens, Petrobras will be subject to a binding judgement for damages in the EU.