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03.01.2018 18:14
Petrobras to pay $2.95 billion to settle U.S. class action over corruption
AUTHOR: publics.bg


  • © Petrobras

Brazil’s state-controlled oil company, Petroleo Brasileiro SA (Petrobras), said that it has agreed to pay $2.95 billion to settle a U.S. class action brought by investors who claim they lost money as a result of a corruption scandal, Reuters reported.
 
Petrobras denied any wrongdoing under the deal, which is one of the largest securities class action settlements in the United States. U.S. District Judge Jed Rakoff in Manhattan must approve the settlement.
 
Investors sued Petrobras after prosecutors in Brazil accused former executives at the company of accepting more than $2 billion in bribes over a decade, mainly from construction and engineering companies.
 
Petrobras claimed it was itself a victim, and it expressly denied wrongdoing in a securities filing. But its market value has plunged as the corruption scandal has deepened.
 
Petrobras said that it hoped the settlement would resolve all investor claims in the United States over the scandal. The deal does not include investors who bought non-U.S.-based Petrobras securities outside the United States, according to the company. 
 
The deal came just days after Brazil’s securities regulator CVM formally accused eight former Petrobras executives of corruption. According to a legal filing by the regulator on Friday, the accusations relate to possible irregularities in the contracting process for three drill ships. Among the accused in CVM’s filing are two former Petrobras chief executives.
 
The largest securities fraud settlements in U.S. history include $7.2 billion stemming from the collapse of Enron, $6.2 billion over an accounting scandal at WorldCom and $3.2 billion over an accounting scandal at Tyco International, Reuters reminded.

TAGS: Brazil | Petrobras | class action | investors | corruption scandal | USA | settlement | prosecutors | former executives | bribes 


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