In José Wianey Adami v Petrobras, Appeal No. 500984610.2015.4.04.7201/SC, the Brazilian Federal Court of Appeals for the Fourth Circuit (TRF-4) considered whether the arbitration agreement included in Petrobras’ by-laws was valid and binding on all shareholders, and whether there was consent to arbitrate corporate disputes even in cases where a shareholder purchases company’s shares in the stock exchange.