Petrobras: We have approved agreements with investors to settle four individual lawsuits in the US

We have approved agreements with investors to settle four individual lawsuits in the US

 

We have reached agreements to settle four individual lawsuits investors have filed against the company in the United States. With this announcement, our agreements with shareholders to settle individual lawsuits in that country add up to nineteen, of a total of 27, which were consolidated with the class action suit against the company for trial purposes.

The new agreements settled the suits filed in the Federal Court of New York by the New York City Employees Retirement System, Transamerica Income Shares, Internationale Kapitalanlagegesellschaft, and Lord Abbett Investment Trust.

We report that as a result of the agreements already signed and of the stage of the negotiations in progress with plaintiffs of other individual suits, we currently foresee that the total amount of the provision for the 2016 fiscal year will be $372 million, of which $364 million had been posted in the balance sheet in September 2016.

The agreements aim to “eliminate uncertainties, burdens, and costs associated with the continuation of these claims and do not constitute any admission of liability by Petrobras, which will defend itself firmly in the other lawsuits in progress.”

We also state that it is not possible to make a reliable estimate of the outcome of the class action suits at the moment.