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Petrobas to Pay $2.95 billion to Settle Class Action in United States

Petrobas to Pay $2.95 billion to Settle Class Action in United States

Brazilian oil giant Petrobas has agreed to pay $2.95 billion to settle securities class action lawsuit filed in the United States District Court brought by investors for corruption scandal.  The settlement means Petrobas denies any liability and reflects the company as a victim, that is known as Operation Car Wash in Brazil.  Petrobras has already recovered R$1.475 billion in restitution in Brazil culpable companies and individuals.

“ Petrobas to pay $2.95 billion to settle class action in United States “

Operation Car Wash (Lava Jato), initially a money-laundering investigation, has developed into the biggest corruption scandal in the history of Brazil.  More than $5 billion of illegal payments o company executives and political parties had been uncovered since 2014.

Source: Petrobas, SCMP, Reuters, The Guardian

 

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About Petrobas

We are a publicly-held company operating on an integrated basis and specializing in the oil, natural gas and energy industry.  We are present in the exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical-gas and biofuel segments.

Visit: Petrobas

 


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