Petrobras pays $2.95bn to settle US class action

From BBC - January 3, 2018

The Brazilian state oil company, Petrobras, has agreed to pay almost $3bn (2.18bn) to settle a class action suit in the United States.

The case was brought by investors who said their holdings were damaged by a corruption scandal facing the firm.

Former Petrobras executives are accused of accepting bribes from contractors.

Lawyers acting for the oil giant said the payout was not an admission of guilt and that the company was itself a victim of the scheme.

Petrobras saw its value plunge amid a wide-ranging inquiry into bribes offered to politicians and executives at state-run companies in exchange for business deals.

The inquiry has led to the arrest of dozens of politicians and executives during years of investigation in Brazil and elsewhere.

Former Petrobras chief executives Maria das Gracas Foster and Jose Sergio Gabrielli are among eight tied to the oil company accused by Brazilian authorities.


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