Class action aims to compensate investors that bought Petrobras securities

Foreigners that invested in Petrobras, the brazilian oil company, and were harmed by the corruption scandals under Lula’s government can participate in a class action of more than R$ 50 billion in compensation. This money will end up coming out of Petrobras’ pension fund, Petros, and that is making many brazilians furious because it is not their fault and they will lose money from their retirement and pensions.

There is a website in the US that alerts shareholders about the breaches at Petrobras. Check it out for yourself: http://www.petrobrassecuritieslitigation.com/

A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly-situated persons and entities to obtain monetary or other relief for the benefit of the entire group, known as a class.

The Classes includes:

  1. All purchasers who, between January 22, 2010 and July 28, 2015 (the “Class Period”), inclusive, purchased or otherwise acquired the securities of Petróleo Brasileiro S.A. – Petrobras (“Petrobras”), including debt securities issued by Petrobras International Finance Company S.A. (“PifCo”) and/or Petrobras Global Finance B.V. (“PGF”) on the New York Stock Exchange (“NYSE”) or pursuant to other domestic transactions (the “Exchange Act Class”); and
  2. All purchasers who purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in domestic transactions, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or a March 10, 2014 public offering registered in the United States before Petrobras made generally available to its security holders an earnings statement covering a period of at least twelve months beginning after the effective date of the offerings (the “Securities Act Class”).

For more info, visit the website provided above.

 

 

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Joe Cloud
Dutch, American, Brazilian... lived there for 5 years and owns property in Brazil. Out of the country for a few years now and would like to go back, however current circumstances tell me it's not the right time.