BRAZIL: Copersucar to receive US$1.7 billion as compensation for price freeze
Published: 04/16/2018, 4:10:11 PM
Brazilian sugarcane processor Copersucar will receive BRL5.6 billion (US$1.7 billion) as a compensation for sugar and ethanol price freezes during the 1980s, according to Brazil's Valor Econômico news website.
Copersucar will start to receive the compensation this year, after a 20-year court battle against Brazil's former Institute of Sugar and Alcohol (IAA), a government entity which used to control sugar and ethanol production in the country.
Copersucar will receive 15% of the total value before December, and the rest in five installments.
The law office responsible for defending Copersucar, Dias de Souza Advogados, will receive BRL563.5 million (US$168.7 million) for representing the company, the highest payment ever received by a Brazilian law firm for a single lawsuit, according to lawyers heard by Valor.
Dias de Souza Advogados is also currently representing sugarcane co-ops in another lawsuit worth about BRL7 billion (US$2.1 billion).