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More Funds Open Actions against Petrobras

04/06/2015 - 09h31

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GIULIANA VALLONE
FROM NEW YORK

After a wave of collective actions by investors against Petrobras in the US justice system, the state-run Brazilian company now suffers with a new problem: American and European funds are choosing to leave the collective process and are entering individual actions against the company.

In the last two weeks, there were three new cases against the company in the New York courts, all for the purpose of recovering losses of investors who applied ADRs (stock receipts in the New York Stock Exchange) and the company's debt securities.

The first one was started by fund manager Skagen, from Norway; the Danske group, with subsidiaries in Denmark and Luxembourg; and management firm Oppenheimer, from the US. The other two actions were created by US funds group Dimensional and another six pensions funds from New York City.

And, according to the Financial Times, more institutional investors intend to do the same in the coming weeks. The Swedish government pension fund AP1, which manages US$ 30 billion (R$ 94 billion), confirmed it would take legal action against the Brazilian company.

Other funds that operate in the European market will also study options to compensate investors.

Last year, the ordinary Petrobras ADR - the most traded in the American market - depreciated by 48.6%, now sold at US$ 6.76 (R$ 21.28).

Translated by JILL LANGLOIS

Read the article in the original language

Nacho Doce/Reuters
Aldemir Bendine, CEO of Petrobras
Aldemir Bendine, CEO of Petrobras

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