Petrobras Settles Dispute In The USA

Autor: Diogo Ciuffo Carneiro, Francisco Lisboa Moreira
23/01/2018 Imprimir Enviar E-mail

Petrobras agreed on a USD 2,95 billion settlement to end class action in the United States.

Last December, Petrobras settled a class action that was brought by investor in the federal courts of the Southern District of New York seeking damages for the corruption scandal that involved the company.

According to the terms of the settlement, Petrobras was obliged to pay around US$ 2.95 billion as compensation for damages arising from corruption. It was said that the settlement is the fifth largest in the history, and the largest that a foreign company has closed for damages of such kind.

The settlement aims to compensate for losses that caused the price of the American Depositary Receipts (ADRs) of the company to drop from approximately US$ 310 billion in 2009 to US$ 39 billion in 2015. The settlement was booked in the 4th quarter of 2017.

Petrobras justified the its decision stating that the settlement does not implicate any recognition of guilty of wrongdoing, but was aimed to avoid a larger award granted by a jury and to give predictability to the market.

There are rumors that a similar class action may be opened/started in Brazil by Brazilian investor. Brazilian law is still under development in relation to such disputes, but the settlement entered into in the US might serve as an incentive to Brazilian investors.




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Luiz Gustavo A. S. Bichara

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Luiz Gustavo A. S. Bichara

bichara@bicharalaw.com.br Idiomas

Área de atuação

Consultoria e Contencioso Cíveis e Contratos

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Luiz Gustavo A. S. Bichara

bichara@bicharalaw.com.br Idiomas

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