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The Rotterdam Court of Justice Decided to Continue the Process Against Petrobras for Losses Triggered by the Lava Jato Operations
According to ISAF (International Securities Associations & Foundations Management Company), on Wednesday, the Rotterdam District Court ruled in favor of the Stichting Petrobras Compensation Foundation (SPCF or Foundation) on arguments to establish jurisdiction in the Netherlands for eligible Petrobras investors seeking compensation for losses related to the “Lava Jato” scandal or “Operation Lava Jato.”
Additionally, the Court ruled that the arbitration clause in Petrobras’s articles cannot prevent the SPCF from bringing a lawsuit against Petrobras on behalf of harmed Petrobras shareholders.
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ISAF congratulated SPCF for the “important judicial decision,” reminding investors that losses from investments in Petrobras common shares traded in Brazil on Brazil Bolsa Balcão SA or B3 – Brazil (formerly BM & FBOVESPA) and via linked markets in Europe as well as Bonds purchased outside the U.S. will not be compensated by the $3 billion settlement in the U.S.
ISAF was referring to a $2.95 billion settlement made with U.S. investors and approved by the Federal District Court in New York on June 22, 2018, as final.
Robert Frome, president of ISAF, commented: “The decision affirms that Petrobras investors, who were caught off guard when corruption and fraud revelations emerged in 2014, will be heard in a legal forum in the Netherlands that has already dealt with complex collective shareholder litigation.”
Frome continued: “The decision in Rotterdam should be encouraging for investors, who originally believed that their recovery options were limited to the goodwill of Brazil, thus were rightly discouraged by the likely unfavorable outcome for investors in a ‘court’ jurisdiction for Petrobras.”
In a statement responding to the news from the Netherlands, the Brazilian oil company stated: “Petrobras denies all allegations made by the Foundation and continues to take the necessary steps to defend its interests.”
The Brazilian company sees itself as a victim. It stated: “It is worth noting that Brazilian authorities, including the Supreme Federal Court, recognize that Petrobras was a victim of the acts revealed by Operation Lava Jato. As a victim, the company has already recovered about R$ 2.5 billion and will continue to seek all appropriate measures against companies and individuals that caused damages.” Source: Offshore Energy Today
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