Petrobras News & Updates

By Kevin LaCroix  In a milestone development in the long-running Dutch collective investor action brought against Petrobras and related entities, a Netherlands court has ruled on the merits in favor of the Foundation bringing the action on behalf of investors, holding that Petrobras harmed investors by publishing misleading financial information. Though the case is not done…

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…

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…

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…

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…

“Petrobras agreed to pay about $1.8 billion in combined DOJ and SEC penalties, disgorgement and interest for FCPA violations in connection with a bribery scheme that allowed contractors and suppliers to obtain Petrobras contracts, and facilitated improper payments to politicians and political parties in Brazil.” Read the Full Story

“Petrobras shareholders who could not join the company’s lawsuit in the United States, closed earlier this year, will have a new opportunity. After more than a year and a half of discussions on the appropriate jurisdiction for the case, the Rotterdam District Court has authorized the opening of the collective action proposed by the Stichting…

“In a development with significant implications both for Petrobras investor claims and for the global pursuit of investor claims generally, a Dutch court has accepted jurisdiction for a securities fraud action filed in the Netherlands against Petrobras, and also ruled that the arbitration clause in Petrobras’ bylaws do not preclude the Dutch proceeding.” Read the…