Petrobras will settle nearly a dozen shareholder lawsuits related to alleged losses caused by an ongoing corruption investigation.

According to the Wall Street Journal, Petrobras has agreed to settle 11 individual shareholder lawsuits that were filed against the company in New York.

The suits sought to recoup billions of dollars in losses that were allegedly caused when a corruption probe revealed bribery schemes tied to company contracts.

The probe, known as Operation Car Wash, has landed several former Petrobras executives and Brazilian politicians in jail.

The agreements include several institutional investors including Abbey Life Assurance Company Ltd, Aberdeen Emerging Markets Fund, Ohio Public Employees Retirement System and the State of Alaska Department of Revenue.

Petrobras has not disclosed financial details about the settlements.

The company told the Wall Street Journal the agreements are covered by a $364 million provision included in its third quarter results.

State-owned Petrobras said the settlements do not “constitute any recognition of responsibility” and added that it will continue to defend itself in a handful of remaining lawsuits.

Petrobras agreed in October to settle four shareholder lawsuits that included cases brought by PIMCO Total Return Fund, Dodge & Cox International Stock Fund, Janus Overseas Fund and Al Shams Investments.

An additional 12 individual lawsuits that were collected into a class action case remain open, the Wall Street Journal said.

Those cases include a lawsuit filed against Petrobras and its auditor by the Bill and Melinda Gates Foundation Trust last September.


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