Business Wire

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

Del

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 with investors who purchased American Depository Shares (ADS) and bonds in the US. The US settlement is a commendable and positive development, but it only provides recoveries for claims by purchasers in the United States and by purchasers of Petrobras securities that are listed for trading in the United States. The US issued and traded securities represent a limited portion of Petrobras global securities and related investor losses. The majority of investor losses occurred from trading in the Petrobras securities including Preferred and Common shares traded on the Brazilian exchange in São Paulo, European-regulated exchanges and bonds issued by Petrobras Global Finance, which is headquartered in the Netherlands, not in Brazil. The underlying fraud and events are the exact same and Petrobras should treat its investors equally. Petrobras should therefore compensate its investors regardless of which exchange, or in which country, they purchased Petrobras shares or bonds.

In January 2017, SPCF, backed by a coalition of international investors and law firms, started legal action against Petrobras and filed a Writ of Summons in District Court in Rotterdam, seeking declaratory relief for global investors who purchased Petrobras securities in non-US markets or on non-US exchanges.

The litigation in the Netherlands covers the principal Petrobras equity securities that traded on the BOVESPA exchange in São Paulo and via linked markets such as Latibex on Bolsa De Madrid. The litigation in the Netherlands also covers the claims of bondholders whose losses are not included in the US litigation.

A case management hearing took place on August 23, 2017 at the District Court in Rotterdam. Parties are now litigating preliminary issues. The focus of the case is expected to shift to the merits in the Summer of 2018. Any judgment issued by the court in favor of the Foundation, or any earlier settlement with the Foundation relating to investments in international securities (non-US securities), would be enforceable at least throughout Europe.

The Dutch litigation is a result of significant investigations and planning and was formalized in February 2016 by SPCF supported by a coalition of international investors, law firms, litigation funders and investor interest groups, to litigate against Petrobras with the goal of reaching a global binding resolution. The Foundation board is composed of prominent independent legal and finance expert directors, including a former Justice Secretary for the Dutch government and the Foundation’s Chairman Mr. H. TH. (Dick) Bouma, a former Justice at the Court of Appeals in The Hague.

The Foundation has significant support from institutional investors from around the world, including investors in the US, UK, Brazil, Netherlands, France, Germany, Spain, Italy, Nordic countries, Japan and others. Individual institutional investor losses range in the millions, tens of millions and in some instances close to USD 100 million. Investors have signed Foundation support and contingency success fee funding agreements, supporting and demonstrating their desire to pursue restitution for the losses they unfairly and unexpectedly suffered as a result of the illegal acts of Petrobras.

Many of Petrobras’ activities are structured via various entities in the Netherlands (Rotterdam). Petrobras also raises debt capital from investors via its Dutch subsidiary, Petrobras Global Finance B.V. (PGF), headquartered in Rotterdam (not in Brazil). Petrobras has issued an unconditional guarantee towards the debenture holders for the fulfillment of PGF’s obligations. Providing additional nexus to the Netherlands, the Petrobras corruption scandal reached into Holland via a Dutch listed company, SBM Offshore, that allegedly bribed Petrobras executives and ultimately settled with Dutch regulators for USD 240 million, the largest anti-corruption settlement in Dutch corporate history. Petrobras continues significant operations in the Netherlands to this day. Ultimately, the Dutch Collective Settlement Act (WCAM) is a framework that would permit Petrobras to obtain global peace with damaged investors.

Jurjen Lemstra, Partner at Lemstra Van der Korst – the leading law firm representing the Petrobras investors in the Netherlands – commented “Petrobras investors seeking to prosecute claims in Brazil cannot expect an adequate and fair trial, amongst others because the Brazilian system is one with many conflicts of interest. With strong nexus for this case in the Netherlands, the Dutch court system is the optimal international legal environment for the litigation against Petrobras, amongst others because Dutch courts have historically ruled favorably for Foundations representing shareholders, such as SPCF, in large multinational securities fraud collective actions.”

In the past, Petrobras promoted that European investors could elevate their confidence in the Company and its compliance, when it became subject to European regulators, including the Spanish financial markets regulator CNMV, in connection with various arrangements, including its linked-market arrangement with European exchanges, such as Bolsa Madrid, to trade and freely transfer its securities (same securities Cusip/ISIN as traded in Brazil) in custody between Brazil and Europe.

Investors that are interested in joining the action can contact ISAF, the administrative support agent and funding organizer for SPCF at info@isafmanagement.com

Global Coalition Information

Foundation. Stichting Petrobras Compensation Foundation (SPCF) is a Netherlands-based foundation that acts on behalf of damaged Petrobras investors who purchased securities on markets outside of the United States. More information about the Foundation can be found at www.pbcompensation.com

Contingency Investor Funding. SPCF has appointed International Securities Associations & Foundations Management Company for Damaged Petrobras Investors (Bovespa) Ltd. (ISAF) to coordinate with investors. ISAF has organized the funding of all litigation costs so that investors can participate with no upfront cost. More information about ISAF can be found at www.isafmanagement.com

Law Firms. Lemstra Van der Korst N.V., a leading Dutch litigation and class action law firm (Netherlands), acts on behalf of the Foundation and is consulting with securities litigation firms, Motley Rice LLC (US), Lowey Dannenberg Cohen & Hart, P.C. (US), Withers LLP (UK) and certain Brazilian law firms.

Claims Analysis and Processing. Battea Class Action Services, LLC, an international leader in class and collective action damages evaluations securities claims filings, has been retained to collect client data and process and validate investor losses. More information about Battea can be found at www.battea.com

MEDIA CONTACT: Lemstra Van der Korst N.V. / Flip Wijers, f.wijers@lvdk.com / Martijn van Dam, m.vandam@lvdk.com / Jurjen Lemstra, j.lemstra@lvdk.com

More information can be found on: www.lvdk.com

Contact information

MEDIA:
Lemstra Van der Korst N.V.
Flip Wijers, +31 (20) 2050567
f.wijers@lvdk.com
or
Martijn van Dam, +31 (20) 2050567
m.vandam@lvdk.com
or
Jurjen Lemstra, +31 (20) 2050567
j.lemstra@lvdk.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

The Brightline Initiative, Project Management Institute and The Boston Consulting Group Host The Economist Events for Davos Panel19.1.2018 21:13Pressemelding

The Brightline™ Initiative, a non-commercial coalition dedicated to helping organizations bridge the gap between strategy design and strategy delivery, along with Project Management Institute (PMI) and The Boston Consulting Group are hosting The Economist Events on the panel discussion, “The Business Case for Openness: Implementing Strategy in a Drawbridge up World.” This event marks Brightline’s debut at Davos. Dovetailing with the World Economic Forum’s overarching theme, “Creating a Shared Future in a Fractured World,” the discussion will address how business leaders can better adapt and implement strategies to promote openness and collaboration. PMI, a founding coalition member of Brightline, is particularly passionate about this topic, given the fact that they focus on collaborating with world-leading organizations to improve infrastructure initiatives in developing and mature communities around the world. “Today the challenges to sustainable growth through strategy implementation

New US Patent for Solidia Technologies’ CO2-cured Concrete Advances Performance and Sustainability of Building Materials19.1.2018 18:07Pressemelding

The U.S. Patent and Trademark Office issued a patent for the structure of CO2-cured Solidia Concrete™, advancing the performance and sustainability of materials available to the global construction and materials industries. Solidia Technologies® holds the exclusive licensing rights to the patent, which is held by Rutgers University, where the original generation of the material was invented. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180119005608/en/ Solidia Concrete™ pavers. (Photo: Business Wire) U.S. Patent No. 9,868,667, "Bonding Element, Bonding Matrix and Composite Material Having the Bonding Element and Method of Manufacturing Thereof," covers the composition of matter of the non-hydraulic concrete. “The hydrate bonds in conventional concrete can compromise that material’s strength and durability,” explained Solidia Chief Technology Officer Nicholas DeCristofaro, Ph.D. “With CO2-cured concrete, bonding elements bas

Schlumberger Announces Full-Year and Fourth-Quarter 2017 Results19.1.2018 12:00Pressemelding

Schlumberger Limited (NYSE:SLB) today reported results for full-year 2017 and the fourth quarter of 2017. Full-Year Results (Stated in millions, except per share amounts) Twelve Months Ended Change Dec. 31, 2017 Dec. 31, 2016 Year-on-year Revenue $30,440 $27,810 9% Pretax operating income $3,921 $3,273 20% Pretax operating margin 12.9% 11.8% 111 bps Net loss (GAAP basis) $(1,505) $(1,687) n/m Net income, excluding charges and credits* $2,085 $1,550 35% Diluted EPS (loss per share) (GAAP basis) $(1.08) $(1.24) n/m Diluted EPS, excluding charges and credits* $1.50 $1.14 32% *These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details. n/m = not meaningful Full-year 2017 revenue of $30.4 billion increased 9% year-on-year. This included a full year’s activity from the acquired Cameron businesses as compared to three quarters of activity in 2016. Excluding the addition of Cameron, revenue growth was driven by land activity in North America, which increa

The Coca-Cola Company Announces New Global Vision to Help Create a World Without Waste19.1.2018 11:55Pressemelding

The Coca-Cola Company announced today that it is fundamentally reshaping its approach to packaging, with a global goal to help collect and recycle the equivalent of 100% of its packaging by 2030. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180119005104/en/ In 2017, employees from Heartland Coca-Cola Bottling Co. joined with other volunteers in St. Louis to collect and sort 14,480 pounds of debris; 63 percent was diverted for recycling. Coca-Cola then partnered with manufacturer Phoenix Technologies to convert plastic bottles into recycled PET plastic for use in new bottles. (Photo: Business Wire) This goal is the centerpiece of the Company’s new packaging vision for a World Without Waste, which the Coca-Cola system intends to back with a multi-year investment that includes ongoing work to make packaging 100% recyclable. This begins with the understanding that food and beverage containers are an important part of people’s m

Researchers and Scientists from Five Countries Named Winners of King Faisal Prize 201819.1.2018 10:33Pressemelding

Five researchers and scientists from Malaysia, Jordan, Tunisia, the US and the UK have been named winners of the King Faisal Prize 2018 as the 40th edition of the renowned award recognized their distinguished contributions towards humanity. The Prize honours exceptional achievements in five categories: Service to Islam, Islamic Studies, Arabic Language & Literature, Medicine, and Science. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180119005245/en/ His Royal Highness Prince Khalid Al-Faisal, Chairman of King Faisal Prize Board, Abdulaziz (Photo: AETOSWire) Professor Irwandi Jaswir, Deputy Dean of the International Institute for Halal Research and Training (INHART) and Secretary of Council of Professors at the International Islamic University Malaysia (IIUM), has been named the winner in the Service to Islam category for contributions to the development of ‘Halal Science’ and Halal food and consumer goods. Professor Bashar

E.ON Chooses Corinex Broadband over Powerline Technology for their Smart Metering Rollout19.1.2018 06:00Pressemelding

E.ON, an international energy company that serves 32 million customers across multiple countries, has decided to use broadband over powerline (BPL) as the key technology in their communication mix, in the smart metering communication infrastructure for the low voltage part of their grid. E.ON chose Corinex as the solution provider for the initial two years of the deployment. The initial deployment will be several ten thousands of repeaters and head ends providing secure communication for a couple of hundred thousands of households. Corinex Grid Value network management based on IBM Tivoli platform will manage the network. “After extensive field trials, we found that Corinex broadband over powerline technology meets our requirements for mass rollout of smart metering services. We are convinced BPL is ideally suited to address the needs of many other utilities, so E.ON is interested in supporting BPL industry standardization in order to create a broad ecosystem of silicon and system vend

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom