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Cuadernos case: Tenaris established an agreement to close a lawsuit in the US.


It will pay $9.5 million to a group of investors for a case in a New York court. This is a preliminary arrangement. "It does not imply admission of responsibility of any kind," they clarified from the company.

The Tenaris company, from the Techint group, established a preliminary agreement to close a lawsuit filed in a New York court, concluding a claim related to the impact of the notebooks case on the TS share listed on the NYSE (class action).

Judge Kiyo Matsumoto, of the Court for the Eastern District of New York, gave formal approval and with that decision activated a 15-day term that Tenaris has to deposit a total of US$ 9.5 million in an account held by the court .

Sources linked to the company indicated that the agreement provides that "the conciliation does not imply admission of responsibility of any kind" and that the company "Tenaris was confident at all times that they would prevail in the process against a claim lacking in foundations.

However, because the costs of litigating in the US are very high and are not recovered from the plaintiffs, Tenaris concluded that the cost of litigating for years would far exceed the agreed value.”

In 2019, the Federal Chamber had revoked the prosecution of Paolo Rocca, CEO of the Techint Group, in the case of the Cuadernos de las Bribes.

Two years later, federal judge Julián Ercolini dismissed him, Luis Betnaza and Héctor Zabaleta.

Rocca, the most important businessman of those who had been investigated in the case that began with the information spilled in the notebooks of former driver Oscar Centeno, had been prosecuted by order of federal judge Claudio Bonadio, who ordered an embargo for $4,000. millions.

"At no time did the lawsuit involve any alleged fact other than the payments for humanitarian reasons made in the framework of the expropriation of Sidor and with respect to which Rocca and two other Techint executives were definitively dismissed," the company explained.

The case in the New York court had begun in 2018 when a group of investors filed a lawsuit against Rocca and Tenaris, among others, to which new lawsuits were later added.

The plaintiffs drop all their claims in exchange for a cash payment of US$9.5 million to be made by Tenaris on behalf of all the 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

All business articles on 2023-03-17

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