The company Tenaris, of the Techint group, has established a preliminary agreement to close a lawsuit filed in a New York court, concluding a lawsuit related to the impact of the notebook case on TS stock listed on the NYSE (class action).
Judge Kiyo Matsumoto, of the Court for the Eastern District of New York, formally approved and with this decision activated a 15-day deadline which obliges Tenaris to deposit a total of US$ 9.5 million in an account held by the court .
Sources linked to the company have indicated that the agreement provides that “conciliation does not imply admission of liability of any kind” and that the company “Tenaris was always confident of prevailing in the process against a groundless claim. However, because the costs of litigation in the United States are very high and are not recouped by the plaintiffs, Tenaris concluded that the cost of litigation for years would far exceed the agreed value.
In 2019, the Federal Chamber had revoked the charge against Paolo Rocca, CEO of the Techint group, in the case of the Cuadernos de las Bribes. Two years later, federal judge Julián Ercolini fired him, Luis Betnaza and Héctor Zabaleta. Rocca, the most important entrepreneur among those investigated in the case that began with the leaked information on the notebooks of former pilot Oscar Centeno, had been tried by order of federal judge Claudio Bonadio, who had ordered an embargo of 4,000 million dollars.
“At no time did the lawsuit concern alleged facts other than payments for humanitarian reasons made as part of the expropriation of Sidor and with respect to which Rocca and two other Techint executives were definitively fired,” the company explained.
The lawsuit in New York court began in 2018 when a group of investors filed a lawsuit against Rocca and Tenaris, among others, which was later joined by new lawsuits.
The plaintiffs waive all their claims in exchange for a cash payment of US$9.5 million to be made by Tenaris on behalf of all defendants and for the benefit of the entire class of investors affected by the losses suffered by the shares. There will be no admission of liability by Tenaris.
The reconciliation had already been reported in Tenaris’ consolidated financial statements published on February 15, 2023.
Source: Clarin
