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U.S. District Court granted preliminary approval to its agreement to settle the securities class action lawsuit


On 03/01/2018, Petrobras announced that the U.S. District Court for the Southern District of New York (“SDNY”) granted preliminary approval to its agreement to settle the securities class action lawsuit filed in the United States.

The Court’s ruling is another important step towards resolving the proceedings brought against Petrobras in the SDNY related to crimes against the company that were uncovered by Operation Car Wash. The agreement 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 or that cleared or settled through the Depository Trust Company.

As set forth in the Company’s press release dated January 3rd, 2018, the agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court.  As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.

The Notice, in its PDF’s version, provides information regarding how investors covered by the proposed settlement may exercise their rights to decide whether or not to participate in the settlement within the time limit set by the Notice.

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