Posts by Isaf-Mgmt
Article: Petrobras Shareholders Burned by ‘Carwash’ Turn to Dutch Court
By Peter MIllard Dutch class-action case brings together investors outside U.S. Petrobras vows to continue fighting case during merit phase Petroleo Brasileiro SA investors excluded from its $2.95 billion “carwash” corruption settlement in the U.S. are signing up for a class-action case in the Netherlands — where the Brazilian oil producer has failed to get…
Read MoreArticle: Volkswagen and BMW are fined nearly $1 billion for colluding on emissions technology
By Jack Ewing Germany’s three largest carmakers colluded illegally to limit the effectiveness of their emissions technology, leading to higher levels of harmful diesel pollution, European antitrust authorities said Thursday. Volkswagen and its Porsche and Audi divisions must pay 500 million euros, or $590 million, and BMW will pay €373 million, or $442 million, as…
Read MoreArticle: Danske Bank faces preliminary charges related to market abuse
COPENHAGEN, June 25 (Reuters) – Danske Bank said on Friday it had been charged with violating rules related to market abuse, after a criminal complaint filed by the Danish Financial Supervisory Authority (FSA) a year ago. The FSA had said Danske, which has been embroiled in a separate money-laundering scandal, had misinformed the market by…
Read MoreArticle: Dutch Court Overturns Ruling in Petrobras Fraud Suit
By Cosmo Sanderson Global Arbitration Review, London (June 18, 2021, 6:25 PM BST) — A Dutch court has reversed its decision to exclude certain claimants from a class action brought on behalf of investors in Petrobras who suffered losses due to the Lava Jato corruption scandal – after it emerged the Brazilian company had taken…
Read MoreArticle: Dutch Court Rules Petrobras Collective Investor Action May Proceed
By Kevin LaCroix on June 6, 2021 A court in the Netherlands has ruled that a collective investor action against Petrobras and related entities pending in the court can go forward, notwithstanding the arbitration clause in Petrobras’s articles of association. The defendants had sought to argue that because of the arbitration clause the foundation that was pursuing the…
Read MoreArticle: Dutch Class Action Against Petrobras Moves Forward
By Joanne Faulkner Law360, London (June 3, 2021, 6:25 PM BST) — Brazilian state-owned oil company Petrobras could be on the hook for billions of dollars after a Netherlands court gave investors permission to continue a group fraud suit, a litigation group announced on Thursday. A district court in Rotterdam ruled in favor of international investors that have…
Read MoreDutch Foundation Achieves Significant Victory for Petrobras Shareholders and Investors
Petrobras Faces Multi-Billion Euro Potential Liability as Litigation Finally Moves to Arguments concerning the Merits of the Case STAMFORD, Conn.–International Securities Associations & Foundations Management Company (ISAF) On May 26, 2021, the District Court in Rotterdam ruled that Stichting Petrobras Compensation Foundation (SPCF or Foundation) has standing to pursue declaratory relief in the Netherlands on behalf of…
Read MoreArticle: Danske Faces Long Road Back as Fine From Probes Seen Hitting $1 Billion
It will be years before Danske Bank A/S is fully rehabilitated from the shock of one of Europe’s most spectacular money-laundering scandals, according to its chairman, Karsten Dybvad. Since admitting in late 2018 that a large part of the 200 billion euros ($238 billion) in non-resident cash that flowed through an Estonian unit was tainted, Danske has been…
Read MoreArticle: Newly Obtained Audit Report Details How Shady Clients from Around the World Moved Billions Through Estonia
Billions of dollars in dirty money flowed through Danske Bank’s branch in Estonia, an explosive 2014 audit revealed. The original report had never been made public, until now. Key Findings The audit report provides an inside look at tactics used to move money around the world without accounting for it — and shows how Danske…
Read MoreInvestor Update: ISAF-Danske Litigation October 2020 Client Update
On 27 December 2019, the institutional shareholder-driven coalition represented by the International Securities Associations and Foundations Management Company for Damaged Danske Investors (ISAF-Danske) made its first filing of a lawsuit against Danske Bank in the District Court of Copenhagen. Danske Bank in Estonia was used in connection with one on the largest money laundering schemes in history…
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