NEW YORK: Brazil’s state-controlled oil company Petroleo Brasileiro SA on Wednesday agreed to pay $2.95 billion to settle a US class action corruption lawsuit, in what was said to be the biggest such payout in the United States by a foreign entity.
Petrobras denied any wrongdoing in the deal, which was one of the largest securities class action settlements in US history. With the settlement, it will pay out more than six times what it has received so far under a Brazilian probe into bribery schemes that involved company executives and government officials.
The settlement, smaller than many analysts anticipated, was an important milestone for the oil firm as it tries to emerge from the scandal that has entangled two former Brazilian presidents and dozens of the country’s corporate executives. — Reuters
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