Petrobras News & Updates

Article: Shareholders Will Take on Petrobras in Dutch Court

September 19, 2018

“Shareholders in Brazilian state oil company Petroleo Brasileiro SA will have their demands for compensation over corruption at the company heard in the Netherlands, a Dutch court ruled on Wednesday. The district court in Rotterdam said a preliminary hearing of the case against Petrobras, as the company is known, will be held on Dec. 18.”…

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Dutch Shareholder Foundation Achieves Significant Victory For Petrobras Investors With Billions In Losses In European Securities Fraud Litigation

September 19, 2018

Today the District Court in Rotterdam has ruled in favor of Stichting Petrobras Compensation Foundation (SPCF or Foundation) regarding arguments to establish jurisdiction in the Netherlands for eligible Petrobras investors seeking compensation for losses related to the “Lavo Jato” or “Operation Car Wash” scandal. Also the Court ruled that the arbitration clause in Petrobras’ Articles…

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PETROBRAS INVESTOR ALERT: $3B Settlement Covers Only US Securities. Majority of International Investors and Losses Not Covered.

January 11, 2018

European litigation, backed by institutional investors from around the world, seek equal restitution for majority of losses AMSTERDAM–January 8, 2018–Stichting Petrobras Compensation Foundation (SPCF or Foundation). On January 3, 2018, Petrobras announced that in connection with the losses investors suffered from the “Lava Jato” bribery scandal, it had agreed to a USD 2.95 Billion settlement…

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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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