In connection with these losses, the Company, as well as certain individuals who were officers and/or directors of the Company during the events at issue, were named in five lawsuits in the United States alleging various violations of U.S. federal securities laws related to losses that the Company incurred with respect to exchange derivative contracts. These five actions have since been consolidated in a single class action lawsuit. For more detailed information on the litigation related thereto, see "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Civil litigation." Since the derivative losses, the Company has significantly reduced its exposure to currency derivatives, and as of May 31, 2009, the Company had US$39.0 million (short position) of net notional amount remaining on such derivatives, and the fair value of its outstanding derivative positions was a loss of R$68.7 million.