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Article: Petrobras international investors consider lawsuit in Netherlands

Petrobras international investors consider lawsuit in Netherlands A group of international investors and law firms are seeking compensation from Brazil’s state-led oil company Petrobras under European law for losses allegedly suffered as the result of a giant price-fixing, bribery and political kickback scandal.

Netherlands -based Stichting Petrobras Compensation Foundation (SPCF) has informed Petroleo Brasileiro SA, as Petrobras is known, of its interest in negotiating a settlement, the group said in a statement released on Wednesday.

If Petrobras refuses talks or declines to respond, the SPCF plans to file a call-action suit against the Rio de Janier0-based company in a Dutch court in Rotterdam, the statement said.

When the fraud and bribery schemes “orchestrated by the company’s administration and employees were finally uncovered in 2014, investors lost billions of dollars, euros and reais resulting in significant declines in the value of assets and breakneck drops in the price of Petrobras shares, SPCF said.

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