LexFinance Announced a Favorable Partial Award in a US$ 28 Billion Arbitration Against Brazil and for the Benefit of Petrobras
25.11.2020 16:00:00 EET | Business Wire | Press release
LexFinance announced a favorable partial award in a US$ 28 billion arbitration against Brazil and for the benefit of Petrobras.
The claim has been filed by a minority shareholder of Petrobras against the Brazilian Government for the economic losses suffered by Petrobras due to corruption practices disclosed in the Car Wash investigation and caused by the abuse of power of the Brazilian Government as controlling shareholder of Petrobras.
The partial award recognized the arbitrability of the dispute, that the Brazilian Government is subject to the arbitration clause and the standing of the claimant funded by LexFinance to act on behalf and for the benefit of Petrobras.
If the damages are confirmed in the last phase of the arbitration expected to conclude during 2021, the Brazilian Government will have to compensate Petrobras for losses currently estimated at US$ 28 billion. In addition, according to article 246 of the Brazilian Corporate Law, it will have to pay to the claimant funded by LexFinance 5% of any compensation received by Petrobras, plus attorney’s fees to the law firms in charge of the claim, which may increase the total amount to be paid to US$ 35 billion.
The arbitration is being conducted before the Arbitration Chamber of the Brazilian Stock Exchange (BM&F-BOVESPA).
TozziniFreire and Barbosa, Müssnich & Aragão are the two Brazilian law firms representing the claimant in the legal procedures related to the claim. Berkeley Research Group (BRG) is the international damages expert firm that estimated the damages suffered by Petrobras.
About LexFinance
LexFinance is an asset manager specialized in structuring and funding arbitration claims in Iberoamerica and worldwide. Founded in 2015, LexFinance offers financing solutions to the arbitration market using equity, debt and special situations strategies both in the primary and secondary market of legal claims.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005357/en/
Contact information
Heitor Castro, Daniel Febrero, 55-1-246-6217
heitor.castro@lex-finance.com
daniel.febrero@lex-finance.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Workiva Advances Regulatory Work with AI Innovation15.9.2026 18:00:00 EEST | Press release
Workiva Inc. (NYSE: WK), a leading, audit-ready platform for trust, transparency, and accountability, unveiled dozens of new product and platform innovations at Amplify 2026, the company’s annual conference attended by thousands of finance, accounting, sustainability, risk, and compliance leaders. Workiva Debuts Agent Studio Workiva introduced Agent Studio, a landmark platform capability that empowers users to quickly build, customize, and deploy AI agents in Workiva's trusted platform. By combining AI reasoning with Workiva's native platform capabilities, enterprise knowledge, and governed workflows, Agent Studio enables users to automate sophisticated manual business processes without writing any code. Organizations can enrich agents with company-specific knowledge and context, tailor them to their own processes, and schedule automations to execute recurring work. “With Agent Studio, we're putting the power to build in the hands of the people who know the work and their company the b
Study: Heatwaves Increase Cough Urge, Which Salt Aerosols Reduce15.9.2026 16:15:00 EEST | Press release
SC Therapeutics, with University North Carolina, Imperial College London, and Boston University, announced publication on Tuesday in Nature Scientific Reports of results from a multi-institutional study indicating that the aridity inherent in heatwaves increases cough hypersensitivity in human airways by collapsing mucus onto cilia in a manner common to chronic respiratory diseases, such as cystic fibrosis, and asthma. The researchers find that alkaline aerosols of magnesium salts reverse mucosal collapse for several hours, and reduce cough hypersensitivity as reflected in placebo-adjusted suppression of daily cough bout rate (59%, p=0.03) and persistence of suppression post treatment for 1 to 3 weeks in a randomized, double-blind, placebo-controlled study of 10 refractory chronic cough patients. “Paris recorded 5,764 excess deaths between 17 June and 2 July, a period of time during which we report atmospheric aridity in the city increased approximately 3-fold relative to the 35 year a
ADM’s Fourth Annual Regenerative Agriculture Report Highlights Growing Resilience Across the Food System15.9.2026 16:00:00 EEST | Press release
ADM (NYSE: ADM), a global leader in innovative solutions from nature, today released its fourth annual regenerative agriculture report, showing how its programs are supporting farmers, strengthening agricultural supply chains and delivering measurable environmental outcomes around the world. “Resilience starts on the farm. By improving and protecting soil health, farmers can be better equipped to adapt to changing conditions and maintain productive operations,” said Greg Morris, SVP and President, Ag Services and Oilseeds, ADM. “That resilience can extend across the value chain, helping strengthen the food system we all depend on.” In 2025, ADM’s regenerative agriculture programs engaged more than 56,000 farmers across approximately 4.6 million acres, 11 countries and 10 crops. Compared with regional benchmarks, the programs resulted in approximately 946,000 metric tons of CO₂e reductions. “ADM views agriculture as a powerful way to meet evolving customer needs, and our work in regener
Diligent Unveils New Agentic Capabilities in Diligent One to Power the Future of Governance, Risk and Compliance15.9.2026 16:00:00 EEST | Press release
Diligent, the AI leader in governance, risk and compliance (GRC) solutions, today announced a major enhancement to Diligent One, its native AI platform, at Gartner’s Enterprise Risk, Audit and Compliance Conference (ERAC). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260915941016/en/ “For many organizations, GRC work is slowed by fragmented systems, manual coordination and time-consuming reporting processes,” said Brian Stafford, President and CEO of Diligent. “Our latest agentic capabilities help teams cut through that complexity by connecting context, surfacing what matters and driving faster execution — while keeping governance and professional judgement at the center." An orchestration agent that coordinates work and approvals The orchestration agent in Diligent One gives GRC professionals a natural-language interface to coordinate audit and risk work. Instead of simply answering questions, it enables users to describe
Unifocus Launches AI-Powered Platform to Transform Workforce and Operations Management in Hospitality15.9.2026 16:00:00 EEST | Press release
The global hospitality technology provider, Unifocus, has announced the launch of its newest AI platform, Unifocus Claira. Unifocus Claira is an industry first end-to-end workforce management and operations platform, purpose-built to give hoteliers and above-property hospitality organizations complete visibility across the workforce lifecycle through one cohesive system. By replacing the patchwork of disconnected tools, multiple technology stacks and siloed data systems that have traditionally been used to manage labor and operations processes, Unifocus Claira delivers one connected AI-native platform, providing customers with a comprehensive and organized view of their workforce and operations data. This unified data foundation powers advanced AI capabilities designed to accelerate decision-making, improve operational performance and drive business growth. Importantly, Unifocus Claira is also the first end-to-end platform of its calibre, purpose-built specifically for the select servi
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom