Fibria To Pay $38M To Settle Currency Derivative Suit

Law360, Los Angeles (January 8, 2013, 9:49 PM EST) -- Fibria Celulose SA, a major pulp producer, announced in a Monday court filing that it has agreed to pay $37.5 million to settle a putative federal class action brought by a Miami Beach, Fla., municipal pension fund that alleges the company made risky currency derivative bets, resulting in $2 billion in losses.

Following two days of mediation last fall, the parties reached mutually agreeable terms to settle the case, according to Monday’s joint status report. U.S. District Judge Joan A. Lenard of the Southern District of...
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