KSF News, Updates, & Insights

$14.75 Million Proposed Settlement in In re Eletrobras Securities Litigation to be Presented to Court

On May 1, 2018, Plaintiffs and Defendants memorialized their agreement to resolve the consolidated securities class action lawsuit captioned In re Eletrobras Securities Litigation, Case No.: 1:15-cv-5754-JGK (S.D.N.Y.).  This class action was brought against Centrais Eletricas Brasileiras S.A., and several of its former directors and officers, by U.S. investors after the company reported large losses related to a sprawling corruption scandal in Brazil.  After two years and nine months of litigation, Plaintiffs were able to secure a settlement totaling $14,750,000.