Multiple firms act for the banks in a dispute against Petrobras
Sergio Bermudes Advogados represented Bradesco and Citibank; TozziniFreire acted for Banco Société Générale Brasil, BMA assisted Itaú BBA, in a BRL 40 billion dispute against Petrobras (known as “Exchange Rate Cartel”). Petrobras had accused the main Brazilian banks of conspiring to manipulate exchange rates between 2007 and 2013.
In 2021, six years after the disputed events, Petrobras filed a multi-billion claim against certain Brazilian banks. However, the Brazilian Civil Code establishes a three-year time limit for non-contractual civil claims.
Recently, the São Paulo Court of Appeals declared that Petrobras’ claim was time-barred and rejected the BRL 40 billion Petrobras’ appeal against the banks.
Sergio Bermudes Advogados represented Bradesco and relied on partners Frederico Ferreira (pictured top left), Marco Vieira Souto Costa Ferreira; associates Philip Fletcher, Luís Tomás Alves de Andrade, Thaís Vasconcellos de Sá, Guilherme Pizzotti.
Representing Citibank, Sergio Bermudes Advogados relied on partners Pedro Marinho (pictured top right), Henrique Ávila and associates Giovanna Casarin, Victor Lamas, Beatriz Brito.
TozziniFreire acted for Banco Société Générale Brasil, with partners Mônica Mendonça Costa (pictured bottom left), Carolina Matthes Dotto, Marcel Medon Santos and lawyers Enrico Pizao Said and Fernando Vieira Budeu.
BMA advised Itaú BBA and relied on partner Andre Abbud (pictured bottom right); associates Victor Adame e Beatriz Custódio.
Nishioka e Gaban Advogados was also advising on the matter.
