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
Imagine Dragons to Perform at Abu Dhabi Grand Prix21.5.2026 18:51:00 EEST | Press release
Ethara, organiser of the Formula 1 Etihad Airways Abu Dhabi Grand Prix, have announced that one of the world’s biggest bands, Imagine Dragons, will headline the Saturday After-Race Concerts at the F1 Season Finale in Abu Dhabi. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521214839/en/ Imagine Dragons to perform at Formula 1 Etihad Airways Abu Dhabi Grand Prix (Photo: AETOSWire) The announcement is another landmark moment for the Abu Dhabi Grand Prix, whose thrilling Yasalam presented by e& fan entertainment offering has become synonymous with the F1 Championship finale in Abu Dhabi and is recognised as one of the most compelling sports and entertainment crossovers globally. The global chart-toppers join Lewis Capaldi and Zara Larsson, who are set to kick off a blockbuster line-up of performances on Yas Island on Thursday, 3 December, with more major international artists to be revealed. With their popular top hits, Ima
Otovo Hits 30,000 Customers in Under a Year, Tackling the Growing ‘Solar Service Crisis’21.5.2026 17:25:00 EEST | Press release
Otovo ASA (“Otovo”), a leading global energy service provider for residential and commercial customers, today announced it has reached 30,000 customers across the U.S. and Europe. A total of 20,000 customers have enrolled in Otovo Care, the Company’s membership-based home and commercial energy service, which is powered by Otovo’s industry-leading AI platform, Endurance™. “Reaching 30,000 customers in less than year is proof positive that home and business owners value their power systems,” said William J. (John) Berger, CEO of Otovo. “The ‘solar service crisis’ that is leaving millions of orphaned energy systems without support is driving strong interest in our Otovo Care membership program. Every day your home or commercial power system is not working, you are throwing money away. Otovo’s rapid response service platform keeps you up and running, ensuring your investment is delivering.” The rapid growth of the residential solar market created a growing population of “orphaned” solar sy
Carnegie Mellon University and Cleveland Clinic Develop AI System to Interpret Cardiac MRI Scans with Enhanced Accuracy21.5.2026 15:05:00 EEST | Press release
A team of researchers from Carnegie Mellon University, in collaboration with Cleveland Clinic’s Cardiovascular Innovation Research Center, has developed an artificial intelligence (AI) system capable of interpreting some of the most complex heart scans in medicine, cardiac magnetic resonance imaging (MRI), without the need for manually labeled training data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521762286/en/ A team of researchers from Carnegie Mellon University, in collaboration with Cleveland Clinic’s Cardiovascular Innovation Research Center, has developed an artificial intelligence (AI) system capable of interpreting some of the most complex heart scans in medicine, cardiac magnetic resonance imaging (MRI), without the need for manually labeled training data. The novel system, called CMR-CLIP, is designed to interpret cardiac MRI scans by connecting moving images of the heart with corresponding clinical radio
The Live Moment Effect: Genius Sports and MediaScience Study Finds Specific Moments in Live Sports Can Double Unaided Brand Recall21.5.2026 15:00:00 EEST | Press release
Genius Sports Limited (NYSE: GENI), a global leader in real-time sports data, today released new biometric research conducted with MediaScience showing that ads delivered immediately after emotionally heightened moments in live sports can double unaided brand recall. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521475265/en/ The Live Moment Effect report from Genius Sports and MediaScience. The study, The Live Moment Effect, finds that advertising effectiveness is significantly influenced by a viewer’s emotional state immediately before an ad is shown. In controlled biometric testing, ads shown after high-intensity sporting moments, such as near-scoring plays or crucial momentum shifts, delivered approximately double the unaided brand recall of baseline conditions. The Moment Before the Ad Matters The research challenges long-held assumptions about media value, showing that not all impressions are equal. Live sports rem
Merck Announces First Patient Dosed in Phase 3 Study for Investigational Antibody-Drug Conjugate in Colorectal Cancer21.5.2026 15:00:00 EEST | Press release
Merck, a leading science and technology company, today announced that the first patient has been dosed in the Phase 3 PROCEADE®-CRC-03 trial (NCT07549412). The study is evaluating precemtabart tocentecan (Precem‑TcT), a potential first‑in‑class investigational anti‑CEACAM5 antibody‑drug conjugate (ADC), for the treatment of metastatic colorectal cancer (mCRC). “Leveraging our novel payload‑linker technology, Precem‑TcT is the first CEACAM5‑targeted ADC in clinical studies with an exatecan payload, rationally designed for stability and enhanced cancer cell killing activity,” said David Weinreich, MD, MBA, Global Head of R&D and Chief Medical Officer for the Healthcare business of Merck. “The Phase 3 study and the enrollment of the first patient with Precem-TcT build on the Company’s more than 20 years of expertise in colorectal cancer, and highlight our commitment to advancing differentiated ADCs for heavily pretreated patients with limited treatment options.” The PROCEADE®-CRC-03 study
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