CT-ISAF
International Securities Associations & Foundations Management Company (ISAF)
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 cannot preclude the SPCF from bringing a claim against Petrobras on behalf of aggrieved Petrobras shareholders.
ISAF congratulates SPCF on this important legal decision and reminds investors that losses from investments in primary shares of Petrobras traded in Brazil on the Brasil Bolsa Balcão S.A. or B3 - Brazil (formerly BM&FBOVESPA) and via linked markets in Europe and also Bonds bought outside the US, will not be compensated under the US $3 billion settlement in the US.
Robert Frome, Chairman of ISAF, commented: “The ruling affirms that Petrobras investors, who were caught by surprise when revelations of corruption and fraud emerged in 2014, will be heard in a legal forum in the Netherlands which has previously dealt with complex collective shareholder litigations.” Frome continued: “The ruling in Rotterdam should be encouraging to investors, who originally believed that their recovery options were limited to arbitration in Brazil, and were thus rightly discouraged by the probable unfavorable outcome for investors in a ‘home court’ jurisdiction for Petrobras.”
Investors who have not already registered claims in the Netherlands are encouraged to contact ISAF now that this critical ruling on jurisdiction has been achieved. Petrobras investors who considered arbitration in Brazil should contact ISAF to register a claim in the Netherlands.
Media Information
More information about the litigation can be found at www.pbcompensation.com . SPCF appointed International Securities Associations & Foundations Management Company (ISAF) to coordinate all administration with investors, including funding of all litigation costs so investors can participate on a contingency only basis with no upfront cost. More information about ISAF can be found at www.isafmanagement.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180919005392/en/
Contact:
MEDIA GENERAL & INVESTORS: ISAF Management Adam Foulke, +1-203-252-3378 afoulke@isafmanagement.com or MEDIA LEGAL: Lemstra Van der Korst N.V. Flip Wijers, Martijn van Dam & Jurjen Lemstra, +31 (20) 2050567 f.wijers@lvdk.com , m.vandam@lvdk.com , j.lemstra@lvdk.com
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
E4LIFE19.4.2024 17:14:35 CEST | Press release
“e4life” is Present at Expomed Eurasia with its Innovative Device Able to Inactivate Flu and Covid Viruses With an Efficacy over 90%
CA-QUALCOMM-INCORPORATED19.4.2024 15:01:33 CEST | Press release
Qualcomm Schedules Second Quarter Fiscal 2024 Earnings Release and Conference Call
CO-NEWMONT-CORPORATION19.4.2024 14:57:33 CEST | Press release
Newmont Appoints Mining Industry Veteran Francois Hardy as Chief Technology Officer
TX-SLB19.4.2024 12:51:33 CEST | Press release
SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025
CO-ZAYO-GROUP19.4.2024 09:01:30 CEST | Press release
Zayo Group Appoints New CEO of Zayo Europe
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom