Developments in the class action filed against Petrobras


Rio de Janeiro, November 6, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that on November 3, 2017, the United States Court of Appeals for the Second Circuit (“Second Circuit”) granted Petrobras’s motion to stay the issuance of the mandate pending the filing of a petition for certiorari.

On November 1, 2017, the Company filed a petition for a writ of certiorari in the United States Supreme Court seeking review of a portion of the July 7, 2017 decision by the Second Circuit, which vacated in part the class certification order of the United States District Court for the Southern District of New York and remanded the matter for further proceedings.

The class action will remain stayed until the Supreme Court’s disposition of the petition for a writ of certiorari.

Petrobras reiterates that it will continue to take all measures necessary for defending its rights.