Petroleo Brasileiro SA- Petrobras (PBR) has released an update.
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Petrobras has received a favorable ruling from the District Court of Rotterdam regarding a collective action lawsuit filed by the Stichting Petrobras Compensation Foundation. The court dismissed the Foundation’s claims under Brazilian and Argentinian law, but found Petrobras and its subsidiary PGF acted illegally under Luxembourg and Dutch law concerning bondholders. Although compensation claims for bondholders were not awarded, the Foundation may pursue new lawsuits, to which Petrobras plans a strong defense.
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