Petrobras continues to be sued by the Netherlands for “misleading shareholders”

The Court of Justice of Rotterdam decided to continue the lawsuit against Petrobras for losses triggered by Operations Lava Jato

According to the 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” or “Operação Lava Jato” scandal.

Furthermore, the Court ruled that the arbitration clause in the Petrobras Articles cannot prevent the SPCF from filing a lawsuit against Petrobras on behalf of aggrieved Petrobras shareholders.

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ISAF congratulated SPCF on the “important court decision”, reminding investors that losses from investments in Petrobras primary shares traded in Brazil on Brasil Bolsa Balcão SA or B3 – Brasil (formerly BM & FBOVESPA) and via linked markets in Europe and also Bonds purchased outside the US will not be offset by the US$3 billion deal.

ISAF was referring to a $2,95 billion settlement made with US investors and approved by the Federal District in Court in New York on June 22, 2018, as final.

Robert Frome, President of ISAF, commented: “The decision states that Petrobras investors, who were caught off guard when revelations of corruption and fraud emerged in 2014, will be heard in a legal forum in the Netherlands that has dealt with complex collective shareholders. litigation ”.

Frome continued: “The decision in Rotterdam should be encouraging for investors, who originally believed that their recovery options were limited to Brazil's goodwill, and were therefore rightly discouraged by the likely unfavorable outcome for investors in a 'court' jurisdiction. for Petrobras. ”

In a statement responding to news from the Netherlands, the Brazilian oil company said: "Petrobras denies all allegations made by the Foundation and continues to take the necessary measures to defend its interests."

The Brazilian company sees itself as a victim. He said: “It is worth mentioning that the Brazilian authorities, including the Federal Supreme Court, recognize that Petrobras was a victim of the acts revealed by Operation Lava Jato. As a victim, the company has already recovered around BRL 2,5 billion and will continue to pursue all appropriate measures against companies and individuals that caused harm.” Source: Offshore Energy Today