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Financial News: ELETROBRAS: Firm May Pay US$14.75 Million To Settle

ELETROBRAS: Firm May Pay US$14.75 Million To Settle US Class Action

05/03/2018 - 17:17:00 (RTTNews)

(RTTNews) - Brazilian state-owned power company Eletrobras signed a memorandum of understanding agreeing to pay US$ 14.75 million to settle a class action with holders of its ADRs in the United States. The deal still has to be reviewed by local authorities and, according to the company, eliminates the risk of higher costs stemming from the lawsuit.

If the US Justice system approves the Eletrobras deal, Eletrobras ADR's holders will be notified of their rights - which include the right to do not accept the deal. The class action settlement is similar to that of Petrobras, the Brazilian state-owned oil company which also faced a class action in the US after a corruption probe showed that the company overpaid contractors.

Eletrobras said in a statement that the proposed deal does not mean that the company acknowledges responsibility for whatever charge presented against it.

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