Petrobras settles lawsuit with Vanguard

Brazil’s state-run oil company Petrobras has settled a dispute with the Vanguard Group, one of its largest shareholders.

Petrobras said on Monday its board had approved the settlement, resolving an action brought by Vanguard before the Federal Court of Pennsylvania in the U.S.

According to the Wall Street Journal, the settlement resolves Vanguard’s losses stemming from Petrobras’ involvement in a massive corruption scandal.

The WSJ has said that Vanguard’s lawsuit stated that Petrobras had assured investors that it would be transparent and responsible in managing the company’s growth, however, the lawsuits then said that the Brazilian oil company hid the corruption scheme and massively overstated its assets and profitability, eventually leading to losses for shareholders.

Prior to the settlement, the Brazilian oil company had already reached settlement with 19 out of 27 individual investors on legal disputes related to the Car Wash investigation.

Petrobras said that the details of the settlements were confidential, but it did say it would rise the estimate of the total provisions for the settlements to $445 million from previously expected $372 million.

Furthermore, the oil company said the settlements did not constitute any acknowledgment of liability on Petrobras’ part.

Petrobras is also a subject to a class action lawsuit in New York. The company said that, “at present, it is not possible to make a reliable estimate of the outcome of the class action.”

The Brazilian authorities have alleged that former Petrobras executives took billions in bribes and kickbacks from construction companies in exchange for contracts with Petrobras at inflated rates.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply