Petrobras On Collective Action In The Netherlands

(Petrobras, 29.Jan.2020) — Petrobras, further to the press release dated September 19, 2018, announces that the District Court of Rotterdam (the Court) today considered some issues and asked additional questions to the parties regarding the collective action filed by Stichting Petrobras Compensation Foundation (the Foundation) in the Netherlands against Petrobras and other defendants.

The Court considered that shareholders who understand Portuguese and/or who bought shares through intermediaries or other agents that understand such language, among others, are bound by the arbitration clause of the company’s bylaws, being out of the collective action filed by the Foundation. The Court also considered the binding effect of the US class settlement. In light of this, the Foundation must establish that it represents a sufficient group of investors to justify the continuance of a collective claim in the Netherlands. 

The Foundation is scheduled to provide answers to questions raised by the Court on May 6, 2020.  Petrobras is scheduled to respond 12 weeks after the Foundation’s submission.

Petrobras denies all the Foundations’ arguments.

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