Petrobras shareholders in Brazil demand compensation in the amount of the US ...

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After the agreement signed by Petrobras with investors in the United States, an association of minority shareholders of the state-owned company wants equality. In a petition sent to the São Paulo Court on January 3, the entity asks that its members be compensated based on the “parameters and guidelines set out in the agreements” in the USA.

Petrobras headquarters, in Rio de Janeiro.
The request was made in a public civil action B2B Lead filed by the Association of Minority Investors (Aidmin) in December 2017. The action is identical to the class action (equivalent to collective actions in the USA) filed in the New York Courts, which resulted in the agreement.

As announced by Petrobras this week, the company agreed to pay US$2.95 billion to the plaintiffs to end the case. The agreement still pending judicial approval.

In Brazil, the class action was proposed by lawyer André de Almeida, the same person who signed the initials of the class action in the USA. He is also the one who calls for equality in the treatment of Brazilian minorities.



According to the petitions it sent to the São Paulo Court, Petrobras has already made “numerous” agreements with minority shareholders in the USA, spending almost R$500 million with them. As, in the Brazilian model, compensation in public civil actions is proportional to the damage, Almeida asks that the agreement announced this week by the state-owned company be followed as a parameter.