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.
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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
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