Petrobras investors seek compensation in the Netherlands

AP News
Posted: Jan 24, 2017 7:04 AM

ROTTERDAM, Netherlands (AP) — Institutional investors who say they lost billions of dollars as a result of the corruption scandal at Brazilian state-run oil giant Petrobras have launched a compensation case in the Netherlands.

In a statement Tuesday, a coalition of investors says it filed a 172-page writ at the District Court of Rotterdam claiming that investors lost billions following "significant asset write-downs and precipitous declines in Petrobras share prices" after allegations of fraud and kickbacks were revealed in 2014.

The coalition represents investors who bought Petrobras securities in Brazil and elsewhere and who are not covered by litigation in the United States.

The case was filed in the Netherlands, which is home to Petrobras Global Finance BV and other Petrobras units.

Petrobras did not immediately respond to a request for comment.