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US court settles suit against Eletrobras

The deal between the firm and shareholders is now fully effective

Published in 24/01/2019 - 21:43

By Luciano Nascimento Brasília

Eletrobras announced that the deadline for appeals against the deal forged between the company and investors, in the US, is over, “with no appeals having been filed.”

Now, “the approved deal is now fully effective, with no legal motion ongoing against Eletrobras in the United States as far as the company is aware,” the company declared in a statement.

In December last year, Eletrobras signed an accord including the payment of $14.75 million to settle a class action lawsuit lodged by shareholders against the company over corruption unveiled under Operation Car Wash.

The agreement was inked yesterday (Jan. 23) at the US District Court for the Southern District of New York. The move, Eletrobras reported, aimed to settle all judicial motions opened by investors who purchased shares of the company.

The class action targeting the firm had been submitted by holders with the American Depositary Shares (ADS)—investors carrying a sort of certificate issued by US banks.

The case was concluded after consideration, and legal fees will be deducted from the $14.75 million deposited in the bank account linked to the case, Eletrobras said.

The firm had declared that the agreement is no recognition of wrongdoing on the part of the company, which reiterated that the allegations and accusations in the case are unfounded.

Translation: Fabrício Ferreira Edition: Fernando Fraga / Augusto Queiroz

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