Petrobras settles US class action suit for $2.95bn
Brazilian state-operated oil business Petroleo Brasileiro (Petrobras) agreed to pay $2.95bn on Wednesday in order to settle a US class action lawsuit brought by investors seeking compensation after a corruption scandal.
Petrobras did not admit any wrongdoing as part of the settlement, one of the largest in US class action history. The lawsuit had accused former executives of accepting more than $2bn in bribes over a ten-year period from construction and engineering firms.
Petrobras, which had previously claimed to be a victim of corruption itself, said on Wednesday that it hoped the settlement would resolve all investor claims over the scandal, with the deal coming just days after Brazil's securities regulator, the CVM, charged eight former Petrobras executives with corruption.
As of 1200 GMT, shares had gained 3.88% to $10.70 each.