PETROBAS TO PAY OUT USD2.95 BILLION FOR CLASS ACTION LAWSUIT

Brazilian state-controlled oil giant, Petrobras, is offering to pay out USD2.95 billion to settle an American class action lawsuit by shareholders that lost money in the massive Brazilian corruption scandal uncovered in Operation Car Wash (Lava Jato). In a statement, Petrobras has said that the payout, which still needs to be agreed by a US federal court, is intended to resolve all pending and prospective claims against the company in the US, “eliminates the risk of an adverse judgment … and puts an end to the uncertainties, burdens and costs of protracted ...


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