Petrobras to pay $2.95B in class-action lawsuit settlement

A Petrobras platform. Photo source: Petrobras

Brazil’s Petrobras has said that a court in the U.S. has approved its previously agreed $2.95 B settlement of a class action brought by investors against the company related to corruption.

Petrobras said the Federal District in Court in New York approved the settlement on Friday, June 22, 2018, as final.

“The decision is subject to appeal to the Court of Appeals for the Second Circuit, however, as of now, the Class Action is resolved in the District Court,” Petrobras said.

Petrobras has stressed that the settlement “does not constitute an admission of guilt or of improper practices by Petrobras.”

The company has also said that Petrobras has been recognized by the Brazilian authorities as a victim of the facts revealed by Operation Lava Jato, a large bribery scheme.

According to Petrobras’ previous statements, this settlement is intended to resolve all pending and prospective claims by purchasers of Petrobras securities in the United States and by purchasers of Petrobras securities that are listed for trading in the United States or that cleared or settled through the Depository Trust Company.

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