Petrobras to pay $2.95 billion to settle US lawsuit
After denying its implication, Petróleo Brasileiro S.A. (Petrobras) has announced the signature of an agreement in principle to settle the lawsuit filed in the United States District Court for the Southern District of New York for corruption.
Petrobras has agreed to pay US$ 2.95 billion to settle a U.S. class action brought by investors who claim they lost money as a result of the “Car Wash” corruption scandal. The company will resolve the payment in two instalments of US$983 million and a last one of US$984 million.
The Brazilian oil company has emphasized that the agreement doesn’t constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability.
“The agreement is in the company’s best interest and that of its shareholders, given the risks of a verdict advised by a jury, particularities of US procedure and securities laws, as well its assessment of the status of the class action and the nature of such litigation in the United States,” says Petrobras on a press release.
Petrobras has been considering the sale of a part of BR Distribuidora, the company’s fuel distributing unit that has a network of more than 7,000 gas stations, during the last year to improve its financial situation. The company has already sold fuel retailing assets in Paraguay, Chile and Argentina.
