Court decision regarding EIG Group lawsuit

Rio de Janeiro, March 31, 2017 – Petróleo Brasileiro S.A. – Petrobras announces that, on March 30, 2017, the United States District Court for the District of Columbia granted in part Petrobras’s preliminary defense (motion to dismiss) in the lawsuit filed by funds of the EIG Group, related to its investment in Sete Brasil Participações S.A.(“Sete Brasil”).

The court dismissed the claim of the plaintiffs that Petrobras engaged in a conspiracy to defraud the EIG Group. The court also dismissed all claims brought by EIG Management, one of the plaintiffs in the case.

In the same decision, the court denied Petrobras’s motion to dismiss the entire lawsuit and ordered that the remaining claims in the case could proceed against Petrobras beyond the motion to dismiss stage.  However, the court’s ruling is not a decision about the merits of EIG’s claims. The court only denied a motion to dismiss the entire case at its very beginning stages.

Petrobras intends to take an appropriate appeal of the court’s decision to the United States Court of Appeals for the District of Columbia Circuit to protect its rights.

Material facts will be timely disclosed to the market.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: