In re Petrobras Securities Litigation

www.petrobrassecuritieslitigation.com


Overview

PENDENCY OF CLASS ACTION

  1. Class Action Law Suit
    • A class action law suit is now pending in the United States District Court for the Southern District of New York under the caption: In re Petrobras Securities Litigation (No. 14-CV-09662 (JSR)), alleging violations of Section 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b-5, as well as Section 11 of the Securities Act of 1933. The suit is brought on behalf of investors for alleged violations of the federal securities laws by defendants for purportedly concealing a multi-year, multi-billion dollar bribery and kickback scheme.
    • A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly-situated persons and entities to obtain monetary or other relief for the benefit of the entire group, known as a class. Class actions are used to decide legal and factual issues that are common to all members of a class.
  2. Class Members and Exclusions Procedures
    • If you are a Class Member in this class action your rights might be affected.
    • The Settlement Class includes all Persons who:
      1. during the time Period between January 22, 2010 and July 28, 2015, inclusive (the “Class Period”), purchased or otherwise acquired Petrobras Securities, including debt securities issued by PifCo and/or PGF, on the New York Stock Exchange or pursuant to other Covered Transactions; and/or
      2. purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in Covered Transactions, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or a March 10, 2014 public offering registered in the United States before Petrobras made generally available to its security holders an earnings statement covering a period of at least twelve months beginning after the effective date of the offerings (August 11, 2014 in the case of the May 13, 2013 public offering and May 15, 2015 in the case of the March 10, 2014 public offering).

        For purposes of the Settlements, “Covered Transaction” means any transaction that satisfies any of the following criteria:

        1. any transaction in a Petrobras Security listed for trading on the New York Stock Exchange (“NYSE”);
        2. any transaction in a Petrobras Security that cleared or settled through the Depository Trust Company’s book-entry system; or
        3. any transaction in a Petrobras Security to which the United States securities laws apply, including as applicable pursuant to the Supreme Court’s decision in Morrison v. National Australia Bank, 561 U.S. 247 (2010).

        Excluded from the definition of Covered Transaction are purchases of any Petrobras Security on the BOVESPA, which is the Brazilian stock exchange based in São Paulo, Brazil.

    • If you are still not sure whether you are included, you can ask for free help. You can contact the Settlement Administrator at:

      In re Petrobras Securities Litigation
      c/o GCG
      P.O. Box 10280
      Dublin, OH 43017-5780
      (855) 907-3218
      info@petrobrassecuritieslitigation.com

    • If you do not request exclusion, and you want to qualify for a payment, you must timely complete and return the Proof of Claim.

      Read the instructions carefully; fill out the Proof of Claim; sign it; and submit it online at www.PetrobrasSecuritiesLitigation.com or mail it to the following address postmarked no later than June 9, 2018.

      In re Petrobras Securities Litigation
      c/o GCG
      P.O. Box 10280
      Dublin, OH 43017-5780

      If you do not submit a timely Proof of Claim with all of the required information, you will not receive a payment from the Settlement Fund; however, unless you expressly exclude yourself from the Settlement as described in the Notice, you will still be bound in all other respects by the Stipulations, the District Court’s Judgment, and other judgments and orders, including releases, contained therein.

    • IF YOU REQUESTED EXCLUSION IN RESPONSE TO THE PREVIOUSLY MAILED NOTICE OF PENDENCY OF CLASS ACTION DATED MAY 9, 2016, YOU ARE INCLUDED IN THIS SETTLEMENT, AND YOU MUST REQUEST EXCLUSION AGAIN PURSUANT TO THIS NOTICE IF YOU DO NOT WANT TO BE INCLUDED IN THE SETTLEMENT CLASS.

      Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, including those concerning the Settlement, whether favorable or unfavorable, unless such Person mails, by first class mail (or its equivalent outside the U.S.), or otherwise delivers a Request for Exclusion form, addressed to In re Petrobras Securities Litigation, Attn: PETROBRAS EXCLUSIONS, c/o GCG, P.O. Box 10280, Dublin, OH 43017-5780. The Request for Exclusion Form must be received no later than April 27, 2018. Each Request for Exclusion Form must clearly indicate the name, address, telephone number, and email address of the Person seeking exclusion, must state that the Person requests to be excluded from the Settlement Class in the In re Petrobras Securities Litigation, Civil Case No. 14-cv-09662 (JSR), and must be signed by such Person. Any Person requesting exclusion is also directed to provide the following information: (i) identity (including face value for debt securities) and quantity of the Petrobras Securities purchased and sold during the Class Period, (ii) prices or other consideration paid or received for securities, and (iii) the date of each purchase or sale transaction.

      For a list of securities eligible to qualify as Petrobras Securities, see Section C below.

      Requests for exclusion will not be valid if they do not include the information set forth above and they are not received within the time stated above, unless the District Court otherwise determines.

      BE CAREFUL! IF YOU EXCLUDE YOURSELF FROM THE SETTLEMENT, YOU FORFEIT YOUR RIGHT TO SHARE IN THE NET SETTLEMENT FUND AND YOU MAY NOT BE ABLE TO BRING CERTAIN CLAIMS AGAINST THE PETROBRAS DEFENDANTS, THE UNDERWRITER DEFENDANTS, PWC BRAZIL, OR THE OTHER RELEASED PARTIES BECAUSE THE TIME TO BRING THOSE CLAIMS MAY HAVE EXPIRED.

      If you submit a timely and valid request for exclusion, you will not be bound by the Settlement, and you will not be eligible to receive any payment out of the Net Settlement Fund. You should note that pursuant to the recent U.S. Supreme Court decision in California Public Employees Retirement System v. ANZ Securities, Inc., 137 S. Ct. 811 (2017), if you exclude yourself from the Settlement Class, certain claims you may have against Defendants relating to your purchases of Petrobras Securities, including debt securities issued by PifCo and/or PGF, during the Class Period may be time-barred, and you may be unable to recover on those claims. Before you decide to request exclusion from the Settlement Class, you are urged to consult your counsel, at your own expense, to fully evaluate your rights and the consequences of excluding yourself from the Settlement Class.

  3. Securities
    • A list of securities eligible to qualify as Petrobras Securities can be located in Exhibit X to the Notice.
  4. Who are the Settling Parties?
    • The Settlements were entered into between:
      1. The District-Court appointed Class Representatives:
        1. Universities Superannuation Scheme Limited (acting as sole corporate trustee of Universities Superannuation Scheme) (“USS” or “Lead Plaintiff”);
        2. North Carolina Department of State Treasurer (“North Carolina”); and
        3. Employees’ Retirement System of the State of Hawaii (“Hawaii”); and
      2. The Settling Defendants:
        1. Petróleo Brasileiro S.A. – Petrobras (“Petrobras”), Petrobras Global Finance B.V. (“PGF”), and Petrobras America Inc. (“PAI”) (collectively, the “Petrobras Defendants”); and
        2. BB Securities Ltd., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Itaú BBA USA Securities, Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc. (n/k/a MUFG Securities Americas Inc.), Merrill Lynch, Pierce, Fenner & Smith Incorporated, Standard Chartered Bank, Bank of China (Hong Kong) Limited, Banco Bradesco BBI S.A., Banca IMI S.p.A. and Scotia Capital (USA) Inc. (collectively, the “Underwriter Defendants”), and
        3. PricewaterhouseCoopers Auditores Independentes (“PwC Brazil”).
    • The Settlement will also dismiss claims against: Almir Guilherme Barbassa, Jose Carlos Cosenza, Paulo Roberto Costa, Renato de Souza Duque, Guillherme de Oliveira Estrella, Maria das Graças Silva Foster, Jose Miranda Formigli Filho, José Sergio Gabrielli, Silvio Sinedino Pinheiro, Daniel Lima de Oliveira, José Raimundo Brandão Pereira, Sérvio Túlio da Rosa Tinoco, Paulo Jose Alves, Gustavo Tardin Barbosa, Alexandre Quintão Fernandes, Marcos Antonio Zacarias, Cornelis Franciscus Jozef Looman, Theodore M. Helms (the “Individual Defendants”), Banco Votorantim Nassau Branch, Santander Investment Securities Inc., and Petrobras International Finance Company (collectively, with the “Settling Defendants”, the “Defendants”). Therefore, the Settlement, if approved by the District Court, will end the claims of the Settlement Class in the Action.
  5. Full Settlement
    • Plaintiffs, Petrobras Defendants, Underwriter Defendants and PwC Brazil have agreed to settle the case for $3 billion which represents the fifth largest settlement in United States class action history and the largest class action settlement in a decade. On February 23, 2018, the U.S. District Court for the Southern District of New York held a hearing to determine whether it could approve the settlement on a preliminary basis so that it could be presented to class members. On February 28, 2018, the Court preliminarily approved the settlement and outlined key dates for administration. On March 1, 2018 the Court set the final hearing date for June 4, 2018 at 2:00PM. Click here for the February 28th and March 1 Orders.

Please refer back to this website for further updates.

Proof of Claim

Request for Exclusion Form

Electronic Filing Instructions