Eletrobrás announced that the deadline for appeals against the settlement reached between the company and investors in the U.S. has expired, “without any appeals being filed.”
Now, “the approved settlement is fully effective, with no ongoing lawsuits against Eletrobrás in the United States, to the best of the company’s knowledge,” the company stated in a release.
In December of last year, Eletrobrás signed a settlement that includes a payment of $14.75 million to resolve a class action lawsuit filed by shareholders against the company for corruption revealed in Operation Lava Jato.
The settlement was signed on January 23 in the U.S. District Court for the Southern District of New York. The measure, Eletrobrás reported, aimed to close all lawsuits filed by investors who purchased shares of the company.
The class action against the company was brought by holders of American Depositary Shares (ADS) – investors who own a type of certificate issued by American banks.
The case was concluded after approval, and the legal fees will be deducted from the $14.75 million deposited in the bank account linked to the case, Eletrobrás said.
The company stated that the settlement does not represent an admission of guilt on the part of the company, which reiterated that the allegations and accusations in the case are unfounded.