Aracruz Celulose S.A.

Case Details

Class Period:
April 7, 2008 – October 2, 2008
Date Filed:
November 26, 2008
Case Number:
1:08-cv-23317-JAL
Jurisdiction:
Southern District of Florida

Case Summary

Saxena White P.A. filed an original action against Aracruz and certain of its senior executives for securities fraud on November 26, 2008. The complaint alleges that instead of entering into currency derivative contracts to hedge its U.S. dollar exposure, Aracruz secretly entered into derivatives that were far larger and riskier than necessary, thereby speculating on the currency exchange rate.  After hotly contested litigation and months of back and forth negotiations, Saxena White negotiated an outstanding $37.5 million settlement. On July 17, 2013 the Court granted final approval of the settlement as fair, adequate and reasonable.