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Brazil Mulls Minority Shareholder Rights After Petrobras Scandal

Dec. 23, 2019, 6:49 PM

The Brazilian government will send Congress a bill to strengthen protections for minority shareholders in the wake of the massive corruption scandal at Petrobras that led to limited legal redress in Brazil despite successful class action lawsuits abroad.

Officials at the economy ministry tasked with improving the functioning of Brazil’s capital markets have devised measures they hope to send to lawmakers in the first half of 2020, according to Julio Cesar Costa Pinto, the director of programs at the ministry’s special secretariat.

As Brazilian law has no equivalent of class action lawsuits, the new rules would allow minority shareholders to...

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