Petrobras News & Updates

Article: Dutch Court Enters Interim Merits Judgment in Favor of Petrobras Investors

August 3, 2023

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…

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Big Step Towards Compensation for International Shareholders and Investors Against Petrobras in EU-Based Class Action in Netherlands Court

August 2, 2023

After 7 years of litigation and almost falling off the investment community’s radar, the Stichting Petrobras Compensation Foundation—supported by many international Petrobras shareholders and bondholders—achieves an important Interim Judgment in a Dutch court on several counts, including fraud, against oil giant Petrobras On July 26, 2023, the Stichting Petrobras Compensation Foundation (“Foundation”) prevailed substantially in…

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Article: Petrobras Shareholders Burned by ‘Carwash’ Turn to Dutch Court

October 19, 2021

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…

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Article: Dutch Court Overturns Ruling in Petrobras Fraud Suit

June 22, 2021

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…

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Article: Dutch Court Rules Petrobras Collective Investor Action May Proceed

June 7, 2021

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…

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Article: Dutch Class Action Against Petrobras Moves Forward

June 3, 2021

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…

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Dutch Foundation Achieves Significant Victory for Petrobras Shareholders and Investors

June 3, 2021

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…

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Article: Petrobras Agrees To Pay More Than $1.8 Billion For Facilitating FCPA Violations

October 22, 2018

“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

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Article: Justice of the Netherlands allows collective action against Petrobras

October 12, 2018

“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…

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Article: Dutch Court OKs Petrobras Claim Jurisdiction Despite Brazilian Arbitration Clause

September 23, 2018

“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…

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