Petrobras U.S. ADR/ADS Settlement
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Overview
On January 3, 2018, Petrobras announced that in connection with the losses investors suffered from the "Lava Jato" ("Operation Car Wash") bribery scandal, it had agreed to a USD 2.95 Billion settlement with investors who purchased American Depository Shares (ADS) and certain Petrobras bonds. The settlement fund has since grown to USD 3 Billion.
CERTAIN PETROBRAS SECURITIES NOT INCLUDED IN THIS SETTLEMENT:
In addition to assisting clients that traded Petrobras ADS and the Petrobras bonds identified below, Battea is assisting a large number of institutional clients who suffered hundreds of millions in dollars in losses trading Petrobras common shares (PETR3) and Petrobras preferred shares (PETR4), which are listed on BM&F Bovespa, as well as certain Petrobras bonds that were purchased or acquired in non-US transactions that did not clear or settle through the Depository Trust Company’s book-entry system, with submitting their claims via current litigation efforts in District Court in Rotterdam, the Netherlands. Investors are turning their attention to the fact that Petrobras Global Finance B.V., as well as many international Petrobras subsidiaries are headquartered in the Netherlands (not in Brazil), and believe the avenue for recovery via litigation here, provides a much stronger outlook than doubtful arbitration efforts in Brazil.
Learn more about the separate litigation in the Netherlands.
| Claims Filing Deadline: | June 9, 2018 |
| Case Name: | In Re: Petrobras Securities Litigation |
| Preliminarily Approved Settlement Fund: | $3,000,000,000 |
| Class Period: | January 22, 2010 through July 28, 2015 |
Eligible Transactions
For purposes of the Settlements, “Covered Transaction” means any transaction that satisfies any of the following criteria:
- (i) any transaction in a Petrobras Security listed for trading on the New York Stock Exchange (“NYSE”);
- (ii) any transaction in a Petrobras Security that cleared or settled through the Depository Trust Company’s book-entry system; or
- (iii) 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).
The following are Petrobras Securities that satisfy criteria (i) and (ii):
| Description | CUSIP or ISIN |
|---|---|
| Petrobras Common ADS (PBR) | |
| Petrobras Preferred ADS (PBR/A) | |
| WAH 8.375% Global Notes due 2018 | 71645WAH4 |
| WAL 6.125% Global Notes due 2016 | 71645WAL5 |
| WAM 5.875% Global Notes due 2018 | 71645WAM3 |
| WAN 7.875% Global Notes due 2019 | 71645WAN1 |
| WAP 5.75% Global Notes due 2020 | 71645WAP6 |
| WAQ 6.875% Global Notes due 2040 | 71645WAQ4 |
| WAT 3.875% Global Notes due 2016 | 71645WAT8 |
| WAR 5.375% Global Notes due 2021 | 71645WAR2 |
| WAS 6.750% Global Notes due 2041 | 71645WAS0 |
| WAU 3.500% Global Notes due 2017 | 71645WAU5 |
| WAV 2.875% Global Notes due 2015 | 71645WAV3 |
| NAC 2.000% Global Notes due 2016 | 71647NAC3 |
| NAB 3.000% Global Notes due 2019 | 71647NAB5 |
| NAF 4.375% Global Notes due 2023 | 71647NAF6 |
| NAA 5.625% Global Notes due 2043 | 71647NAA7 |
| NAD 3M LIBOR + 1.620% Floating Rate Global Notes due 2016 | 71647NAD1 |
| NAE 3M LIBOR + 2.140% Floating Rate Global Notes due 2019 | 71647NAE9 |
| NAG 3.250% Global Notes due 2017 | 71647NAG4 |
| NAH 4.875% Global Notes due 2020 | 71647NAH2 |
| NAM 6.250% Global Notes due 2024 | 71647NAM1 |
| NAK 7.250% Global Notes due 2044 | 71647NAK5 |
| NAJ 3M LIBOR + 2.360% Floating Rate Global Notes due 2017 | 71647NAJ8 |
| NAL 3M LIBOR + 2.880% Floating Rate Global Notes due 2020 | 71647NAL3 |
| NAN 6.850% Global Notes due 2115 | 71647NAN9 |
| WAG 9.125% Global Notes due 2013 | 71645WAG6 |
| WAJ 7.75% Global Notes due 2014 | 71645WAJ0 |
| WAB 9.75% Global Notes due 2011 | 71645WAB7 |
| P01 11% Global Notes due 2012 | BRPETRDBS019 |
| P02 10.3% Global Notes due 2010 | BRPETRDBS027 |
| P04 2.15% Global Notes due 2016 | JP90B000UCE1 |
| P05 4.875% Global Notes due 2018 | XS0716979249 |
| P06 5.875% Global Notes due 2022 | XS0716979595 |
| P07 6.25% Global Notes due 2026 | XS0718502007 |
| P08 3.25% Global Notes due 2019 | XS0835886598 |
| P09 4.25% Global Notes due 2023 | XS0835890350 |
| P10 5.375% Global Notes due 2029 | XS0835891838 |
| P12 2.75% Global Notes due 2018 | XS0982711631 |
| P14 3.75% Global Notes due 2021 | XS0982711987 |
| P13 4.75% Global Notes due 2025 | XS0982711714 |
| P11 6.625% Global Notes due 2034 | XS0982711474 |
| P03 6.83% Global Notes due 2020 | BRPETRDBS043 |
Eligible Parties
The securities included in the Settlement are those described below. The Settlement Class includes all Persons who:
- (a) 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
- (b) 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).
Who is Eligible to Participate in the International Recovery Action in the Netherlands:
The pending international recovery action in the Netherlands covers all persons or entities who purchased or acquired before July 28, 2015 any Petrobras security not covered by the US Settlement, which includes both Petrobras common and preferred shares traded on Bovespa, as well as certain Petrobras bonds purchased or acquired in non-US transactions where such transactions did not clear or settle through the Depository Trust Company’s book-entry system.
Learn more about the separate litigation in the Netherlands.