Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 211

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 211
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 decide on the merits of the claim, and (iii) the claims under Spanish law have expired.
 On October 30, 2024, the Dutch Court handed down a judgment that broadly accepted Petrobras’ arguments against the claims brought by the Foundation on behalf of the shareholders’ interests and decided that:
 
–                                             under                                           
    Brazilian law, all the damages alleged by the Foundation qualify as indirect and cannot be
                                         compensated; and                                     
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–                                                 under                                              
       Argentinian law, shareholders cannot, in principle, claim compensation from the company for   
    the damages alleged by the Foundation, and the Foundation has not demonstrated that it represents
                a sufficient number of investors who could, in theory, make such a claim.            
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 The Court therefore rejected the Foundation’s claims under Brazilian and Argentinian law, resulting in the rejection of all claims made in favor of the shareholders.
 With respect to certain bondholders, the Court found that Petrobras and PGF acted illegally under Luxembourg law, while PGF acted illegally under Dutch law.
 In addition, the Court confirmed the following points of the decision ruled in July 2023:
 
–                                           dismissal                                         
    of the allegations against PIBBV, POGBV and the former CEOs of Petrobras, Maria das Graças
                      Silva Foster and José Sérgio Gabrielli de Azevedo; and                  
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–                     claims                  
    brought under Spanish law are time-barred.
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 The Foundation and PGF have filed appeals against the judgment and prior interim decisions, and they will have the opportunity to present their arguments and respond to each other’s appeals before the Court of Appeals in The Hague. Petrobras retains the option to file its own appeal when responding to the Foundation’s appeal.
  
Annual Report and Form 20-F 2024 |

Even for bondholders, the Foundation will not be able to claim compensation for damages within the scope of the collective action. Any compensation can only be claimed in new lawsuits to be filed by or on behalf of such investors, who would need to prove all the elements necessary for Petrobras and PGF to be held liable. Should this happen, Petrobras will defend itself vigorously.
 We have no information to project a reliable estimate of the potential loss resulting from this lawsuit, which will depend on any subsequent legal actions. We, based on the assessments of our advisors, consider that there are not enough indicative elements to qualify the universe of potential beneficiaries, nor to quantify the supposedly indemnifiable damages