⚖Petrobras to Pay $2.95 Billion Settlement in U.S. Class-Action Suit.
Brazilian state-run oil company Petróleo Brasileiro S.A, also known as Petrobras, announced that it has entered into an agreement in principle to pay US$ 2.95 billion to settle a securities class-action lawsuit brought forward by investors in the United States District Court for the Southern District of New York.
The petitioners claim they incurred large losses on Petrobras securities bought between 2010 and 2015 that were artificially inflated on the energy company’s balance sheet as part of a massive corruption scheme uncovered by Brazilian Federal Police in 2014 involving company executives and politicians at the highest levels of Brazil’s government.