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Petrobras to pay $2.95 bn to resolve investor class action over US scandal

The deal came just days after Brazil's securities regulator CVM formally accused eight former Petrobras executives of corruption

Reuters  |  New York 

Brazil's state-controlled oil company, Petroleo Brasileiro SA, said on Wednesday that it has agreed to pay $2.95 billion to settle a US class action brought by investors seeking to recoup money they claim to have lost as a result of a corruption scandal. Petrobras, as the company is known, did not admit wrongdoing under the deal, which is one of the largest securities class action settlements in the United States. US District Judge Jed Rakoff in Manhattan must approve the settlement. Investors sued Petrobras after prosecutors in Brazil accused former executives at the company ...

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First Published: Wed, January 03 2018. 16:29 IST