Petrobras announces that the U.S. District Court for the Southern District of New York (“SDNY”) granted preliminary approval yesterday to its agreement to settle the securities class action lawsuit filed in the United States.
The Court’s ruling is another important step towards resolving the proceedings brought against Petrobras in the SDNY related to crimes against the company that were uncovered by Operation Car Wash. The agreement is intended to resolve all pending and prospective claims by purchasers of Petrobras securities in the United States and by purchasers of Petrobras securities that are listed for trading in the United States or that cleared or settled through the Depository Trust Company.
Members of the class will now be notified of the terms of the proposed settlement. The Court will then decide whether to grant final approval of the settlement after considering any objections and conducting a hearing to determine whether it is fair and reasonable. The settlement hearing is scheduled for June 1, 2018.
As set forth in the Company's press release dated January 3rd, 2018, the agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.
The Court’s ruling is another important step towards resolving the proceedings brought against Petrobras in the SDNY related to crimes against the company that were uncovered by Operation Car Wash. The agreement is intended to resolve all pending and prospective claims by purchasers of Petrobras securities in the United States and by purchasers of Petrobras securities that are listed for trading in the United States or that cleared or settled through the Depository Trust Company.
Members of the class will now be notified of the terms of the proposed settlement. The Court will then decide whether to grant final approval of the settlement after considering any objections and conducting a hearing to determine whether it is fair and reasonable. The settlement hearing is scheduled for June 1, 2018.
As set forth in the Company's press release dated January 3rd, 2018, the agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.