Dutch Shareholder Foundation Achieves Significant Victory For Petrobras Investors With Billions In Losses In European Securities Fraud Litigation
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.
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
MEDIA GENERAL & INVESTORS:
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
CA-ANDERSEN-TAX23.5.2019 22:49:12 CEST | Pressemeddelelse
Andersen Global udvider lokaliteter i Storbritannien
VA-CTA23.5.2019 22:02:10 CEST | Pressemeddelelse
Audi China President Thomas Owsianski to Keynote at CES Asia 2019
VA-ITECHLAW23.5.2019 21:13:07 CEST | Pressemeddelelse
ITechLaw Publishes New Book and Opens Global Public Comment Period on Draft Principles for Responsible Artificial Intelligence
KUMULUS-VAPE23.5.2019 18:51:10 CEST | Pressemeddelelse
Kumulus Vape, the 100% Online E-Cigarette Specialist, Goes Public
MINDBREEZE23.5.2019 15:13:11 CEST | Pressemeddelelse
Mindbreeze Receives Attestation in Accordance with BSI Cloud Requirements
BACARDI-LIMITED23.5.2019 14:17:06 CEST | Pressemeddelelse
Bacardi Limited Announces 5th Annual Good Spirited Awards for Employee-Led Global Environmental Sustainability Programs
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum