Justice extinguishes case against Eike Batista for damages to shareholders of OGX

The civil action, filed by former shareholders, Eike accused depreciation of securities.
19/05/2016 16h08 - Updated 19/05/2016 16h08
Photo: Yasuyoshi Chiba (AFP)

The Court of Rio decided to terminate the case against the businessman Eike Batista for damage caused to shareholders of oil company OGX, current OGPar. in the decision, Judge Fernando César Ferreira Viana, 7th Corporate Court of the State Court of Rio de Janeiro, It considered the lack of shared interests in the public civil court action against businessman.

"There is no evidence in the record the relevant social consequences of the acts imputed to the defendant, is by its nature, either by its size. No one is saying, with such a conclusion, that objects facts of the initial application did not have social repercussions, but that the nature and extent of such facts do not warrant the filing of civil action, since it restricted the harvest of shareholders, although minority, They know the risks of the stock market ", the judge said in sentencing.

The civil action, filed by the Association of Investors Minority of Brazil and former shareholders of Company Oil & Gas Participacoes S / A, accused Eike Batista depreciation of securities.

According to the lawsuit, the entrepreneur would also practiced insider trading - trading securities based on knowledge of relevant information that is not public knowledge, for the purpose of earning profit or advantage in the market - and traded shares between days 24 May and 10 June 2013 with the relevant factor of knowledge not disclosed to the market, with getting advantage with such operation.

Agency Brazil

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