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Case Participation

Legal Actions

Efforts are underway to recover investor losses related to the revelations of allegations of rampant corruption, money laundering, bribery and violations of securities laws in multiple jurisdictions. The first investor lawsuit was filed as a class action in the United States on behalf of investors who purchased American Depository Shares on the New York Stock Exchange, but is limited to only cover losses in those ADS shares and certain US dollar denominated bonds. Importantly, this US class action does not cover investor losses that stem from the largest class of shares, which traded on the BOVESPA or LATIBEX, and it will not cover losses on certain other bonds, including Euro denominated bonds.

Spain

International Securities Associations & Foundations Management Company for Damaged Petrobras Investors (Bolsa Madrid) Ltd. (“ISAF Petrobras”); and a coalition of international law firms, including Cremades Calvo-Sotelo, Motley Rice, and Lowey Dannenberg Cohen & Hart have formed the Asociacion de Afectados de Petrobras, a Madrid-based shareholder association, to file a criminal complaint against Petroleo Brasileiro SA, certain Petrobras group entities and (formerly) high-ranking Petrobras officers (collectively, “Petrobras et al”) in Madrid.

Spain’s legal framework does not have the concept of a securities class action as it exists in the United States. Damaged Petrobras investor plaintiffs seeking financial recovery must enter or “opt-in” to the collective litigation to be entitled to participate in any settlement or litigation-related proceeds. Additional goals of the collective litigation include increasing the level of influence of independent directors and safeguarding the interest of all stakeholders through improvement in compliance standards and control measures, to a level normally expected by international institutional investors.  It is important that investors (a) who purchased common and preferred shares of Petrobras anytime between 2004 and July 28, 2015 and (b) suffered and/or are in danger of suffering (further) damages as a consequence of the alleged fraud, contact ISAF Petrobras so that it can determine eligibility to pursue claims in the Spanish court system. Eligible damaged investors can join Asociacion de Afectados de Petrobras with no upfront cost or risk.

Holland

International Securities Associations and Foundations Management Company for Damaged Petrobras Investors (Bovespa) Ltd. (“ISAF Petrobras”); and a coalition of international law firms, including Lemstra Van der Korst N.V., Motley Rice, Withers LLP, and Lowey Dannenberg Cohen & Hart, have formed Stichting Petrobras Compensation Foundation. The Foundation has appointed to the board Benk Korthals, former justice secretary and defense secretary of the Netherlands, and Dick Bouma, a retired partner at Pels Rijcken Droogleever Fortuijn N.V., an expert on Dutch-style class actions and an experienced board member of claim foundations.

The Foundation provides a vehicle to litigate on behalf of Petrobras investors and/or to establish a binding settlement that, together with the US class action, provides for a truly global settlement. Additional goals of the collective litigation include increasing the level of influence of independent directors and safeguarding the interest of all stakeholders through improvement in compliance standards and control measures, to a level normally expected by international institutional investors. It is important that investors (a) 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 and (b) suffered and/or are in danger of suffering (further) damages as a consequence of the alleged fraud, contact ISAF Petrobras so that it can determine eligibility to pursue claims in the Dutch court system. Eligible damaged investors can join the Foundation with no upfront cost or risk.

No Cure-No Pay

Damaged investors who elect to join the ISAF-organized shareholder groups in Spain and the Netherlands can do so at no upfront financial risk or commitment. ISAF Petrobras absorbs all costs associated with the litigation, including: fixed legal fees, expert fees, court fees, and claims processing fees (if litigation is successful), as well as all other costs associated with plaintiff liability (so-called “Loser Pays” insurance). In exchange for financing the Spanish Shareholder Association and the Dutch Stichting, ISAF will collect a contingency fee if the litigation results in a successful financial outcome for damaged investors.

 

how-to-participate

How to Participate in this Case

To join the legal actions to make a claim on Petrobras for remuneration, ISAF Petrobras must first analyze investor trade data for the relevant time period. If the purchased shares and/or bonds are eligible, ISAF Petrobras will contact your organization with the necessary paperwork to join one or both of the respective legal actions.

Contact Us to Determine Case Eligibility