Petrobras News & Updates

International Coalition files Lawsuit in District Court of Rotterdam, The Netherlands, for Damages Caused by Alleged Corruption and Fraud Perpetrated by Petroleo Brasiliero, certain affiliates and its Executives.

January 24, 2017

Rotterdam, Netherlands (January 24, 2017) An International coalition announced today that a lawsuit was filed in Dutch Court yesterday on behalf of institutional investors who suffered billions of dollars in losses in their investments in Petroleo Brasiliero SA (“Petrobras”). Seeking declaratory relief as a result of the alleged corruption of the company and its executives,…

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Article: Former Petrobras manager, Pedro Barusco, received $10,000 each month from rig builder, SBM Offshore, in return for internal Petrobras information.

November 8, 2016

Barusco has signed a deal with the Brazilian judiciary and testifies in that context in the court of Rio de Janeiro about large-scale bribery of employees of Petrobras by SBM and other companies. Barusco was not the only beneficiary of Schiedam’s bribe, the Brazilians suspect that SBM paid $ 40 million to (former) Petrobras employees,…

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Report: Update on Litigation Initiatives Regarding Petroleo Brasileiro SA

October 25, 2016

This memorandum provides an update on the collective legal actions against Petroleo Brasileiro SA (Petrobras) for investors who purchased Petrobras securities in transactions outside of the United States – primarily securities issued in Brazil, the Netherlands and Spain. Click here to view report.

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Article: Petrobras settlements show company eager to resolve corruption cases

October 24, 2016

Petrobras’ decision to settle four lawsuits over corruption allegations signals its willingness to negotiate deals in other civil cases but does not remove the threat of massive government penalties from U.S. and Brazilian investigations, legal experts said. The four settlements with large Petrobras shareholders, approved by the oil company’s board on Friday, represent only a…

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Article: Petrobras Settles With Pimco, Investors Over Corruption Losses

October 22, 2016

Brazil’s state-run oil company Petroleo Brasileiro SA settled four lawsuits brought by investors including Pacific Investment Management Co. after the nation’s biggest-ever corruption case torpedoed the company’s market value. Petrobras’ board approved agreements with Pimco Total Return Fund, Janus Overseas Fund, Dodge & Cox International Stock Fund and Al Shams Investments, according to a statement…

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Article: Brazil police arrest former finance minister in Petrobras probe

September 22, 2016

Brazilian police arrested former Finance Minister Guido Mantega on Thursday as a sweeping corruption investigation struck further at the heart of the Workers Party (PT) that ran the country for 13 years. Police investigators told a news conference they took Mantega, long a confidant of recently impeached former President Dilma Rousseff and an early member…

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Article: The Petrobras Scandal’s Biggest Target

September 14, 2016

Luiz Inacio Lula da Silva, the man who remade modern Brazil as its president from 2003 to 2010, has reportedly been charged in the country’s biggest-ever corruption scandal. The development comes two weeks after Dilma Rousseff, his political protege, was removed from office over a separate scandal. Prosecutors allege that Lula, as he is widely…

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Article: Brazil’s Lula charged as ‘top boss’ of Petrobras graft scheme

September 14, 2016

Brazilian prosecutors charged ex-President Luiz Inacio Lula da Silva on Wednesday with being the “boss” of a vast corruption scheme at state oil company Petrobras, in a major blow to the leftist hero’s hopes of a political comeback. It was the first time that Lula, still Brazil’s most popular politician despite corruption accusations against him…

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Article: Petrobras Corruption Investigation Said to Ramp Up in U.S.

May 13, 2016

U.S. authorities are investigating more than a dozen companies as part of an international bribery probe that has already led to more than 150 arrests in Brazil, according to people familiar with the matter. Prosecutors in the U.S. and Brazil are effectively dividing the investigation to suit their respective strengths as they pursue suspected graft…

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Article: What is the Petrobras scandal that is engulfing Brazil?

March 31, 2016

Brazil’s President Dilma Rousseff is in danger of being impeached only 15 months into her second four-year term. But while the impeachment officially cites allegations that she manipulated the federal budget to disguise a growing deficit, it is a sprawling scandal at Petrobras, the state-owned oil company, that has taken a greater toll on her…

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