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.

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

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