Petrobras Signs Agreement in Principle to Settle Class Action in the…

first_img Author: Priyanka Ann Saini Petrobras announced yesterday that it has signed an agreement in principle to settle the securities class action lawsuit filed in the United States District Court for the Southern District of New York.The agreement, which is subject to approval by the court, 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. It eliminates the risk of an adverse judgment which, as Petrobras has previously reported, could have a material adverse effect on the company and its financial situation, and puts an end to the uncertainties, burdens and costs of protracted litigation.Under the proposed settlement, Petrobras has agreed to pay USD 2.95 billion to resolve claims in two installments of USD 983 million and a last installment of USD 984 million. The first installment will be paid within 10 days of preliminary approval of the settlement by the court. The second installment will be paid within 10 days of final approval of the settlement. The third installment will be paid by the later of (i) six months after final approval, or (ii) January 15, 2019.  The total settlement amount will be recognised in the fourth quarter of 2017.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 recognised 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 agreement is in the company’s best interest and that of its shareholders, given the risks of a verdict advised by a jury, particularities of US procedure and securities laws, as well its assessment of the status of the class action and the nature of such litigation in the United States, where only approximately 0.3% of securities-related class actions proceed to trial.The agreement will now be submitted to the district court in the SDNY for review. If preliminary approval is granted, the court will notify the members of the class of the terms of the proposed settlement. After considering any objections and a hearing on the fairness of the proposed settlement, the court will decide whether to grant final approval.As a result of the agreement, the parties will ask the United States Supreme Court to defer consideration of Petrobras’s petition for a writ of certiorari, which was scheduled for January 5, 2018, pending final approval of the proposed settlement.Sea News, January 4last_img read more

Communist Party sells its own broadcaster

first_img Facebook Twitter: @NeosKosmos Instagram The Communist Party of Greece (KKE) announced on Monday that it sold its privately owned 902 broadcaster, which employees 48 people.In a statement, the party said that it was left with no option than to sell the 20-year-old station, which operates a national TV and radio channel, in order to pay off the company’s debts. KKE claimed that the sale will enable 902 to pay money owed to employees and to social security funds.The party did not reveal the identity of the new owner, who, according to reports, will not be taking on any of the 48 staff at the station. It is understood that only four of the 48 staff will be kept on in order to keep the 902.gr website, which the KKE uses as a news portal. The remainder will be transferred to other party companies, on new contracts and reduced wages, before being laid off. Source: EnetEnglish, ANA-MPAlast_img read more