Petrobras Settles 11 More Lawsuits with Own Investors

Friday / November 25, 2016

Brazil’s troubled state oil company Petrobras on Wednesday settled 11 more lawsuits with its own investors who claimed the firm had misrepresented the seriousness of the bribery scandal that has engulfed the firm over the past two years, according to Reuters.

The cases were part of a class action claiming tens of billions of dollars in losses. That action, brought in New York Federal Court of the US, remains unresolved.

Among the institutional investors covered by this settlement are Aberdeen Emerging Markets Fund, State of Alaska Department of Revenue, Ohio Public Employees Retirement System and Abbey Life Assurance Company.

Last month the Petrobras board had made a multimillion-dollar settlement with four other investors.

There are 12 more individual lawsuits still open in the class action.

This latest settlement was approved by Petrobras’ board but the amount involved was not disclosed although the company did acknowledge that the payments were covered by a $364m provision marked down in its earnings report for the third quarter.

Petrobras said the latest settlements did not constitute an admission of responsibility.

Source: Splash 24/7

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