Petrobras Securities Litigation, No. 1:2014cv09662
Jan 01, 2015OUTCOME: Class certified and settlement reached.
- Petrobras announces that it has signed an agreement in principle to settle the securities class action lawsuit filed in the United States District Court for the Southern District of New York ('SDNY') ... . The agreement, which is subject to approval by the court, 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. It eliminates the risk of an adverse judgment which, as Petrobras has previously reported, could have a material adverse effect on the company and its financial situation, and puts an end to the uncertainties, burdens and costs of protracted litigation.
