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Petrobras Shareholders Burned by ‘Carwash’ Turn to Dutch Court

Oct. 19, 2021, 12:23 PM

Petroleo Brasileiro SA investors excluded from its $2.95 billion “carwash” corruption settlement in the U.S. are signing up for a class-action case in the Netherlands -- where the Brazilian oil producer has failed to get the lawsuit thrown out on procedural grounds.

The Stichting Petrobras Compensation Foundation, the claimant in the suit, has grouped investors outside of the U.S. who lost money when Petrobras shares and bonds tanked in the wake of a sprawling kickback and corruption probeknown as Operation Carwash, which started in 2014.

“We have many investors from Brazil, institutional and a lot of retail investors, and ...

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