O’Melveny Represents Paper Excellence in International Settlement
August 8, 2025
FOR IMMEDIATE RELEASE
LOS ANGELES—August 8, 2025—O’Melveny assisted Paper Excellence in obtaining a US$2.7 billion cash settlement that ended a seven-year dispute with J&F Investimentos S.A. over the ownership of Eldorado Brasil Celulose.
In September 2017, following criminal penalties stemming from the largest anti-corruption probe in Latin American history (Operation Car Wash - or “Lava Jato”), J&F agreed to sell Eldorado Brasil to Paper Excellence with a closing date in 2018. The dispute began after the sale transaction failed to close in 2018. Paper Excellence initially acquired 49% of Eldorado Brasil. In September 2018, Paper Excellence initiated arbitration proceedings, alleging that J&F improperly obstructed the sale of the remaining 51% of Eldorado Brasil. In February 2021, Paper Excellence obtained a partial award that ordered J&F to sell the remaining 51%. Paper Excellence, J&F, and its controlling shareholders Joesley and Wesley Batista were embroiled in multiple police investigations, lawsuits, and other arbitrations that took place across the globe, as Paper Excellence attempted to enforce the arbitral award and compel the final sale of Eldorado Brasil to Paper Excellence.
In March 2025, O’Melveny brought the multi-year dispute to the United States and filed a complaint in federal court in Miami, Florida. Two months later, the parties jointly announced the settlement, which fully met both of their interests and put an end to the international proceedings.
The O’Melveny team was led by partners Jeffrey E. Gordon, David Marroso, and Anwar Graves, and counsel Colin Stanton.
About O’Melveny
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
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