Petrobras to pay US$3bn to settle class action suit

Wednesday, January 3, 2018

Petrobras has agreed to pay US$2.95bn to settle a class action suit before the US supreme court, the Brazilian state-run oil company said Wednesday in a statement.

The lawsuit accuses Petrobras of making false statements to investors that overstated the value of its stock and bonds.

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The Brazilian NOC said the settlement will be paid in three installments and will affect fourth quarter results.

"The deal does not constitute acknowledgement of guilt or wrongdoings by Petrobras. This is reflected in its condition as victim, as revealed by the Lava Jato operation," the company said, referring to the massive anti-corruption probe.

Petrobras also said it will ask the US supreme court to postpone, until the final approval of the agreement, its decision regarding the acceptance of an appeal by the company, which was expected for January 5.