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Petrobras agrees to pay $2.95B to settle case in the US

US construction spending rose 0.8 percent in November

RIO DE JANEIRO/January 03, 2018(AP)(STL.News)— Brazil’s state-run oil giant Petrobras has agreed to pay $2.95 billion to settle lawsuits in the United States over the sprawling corruption scandal that has ensnared dozens of officials and business executives across Latin America.

The company said in a statement on Wednesday that the deal ends a legal battle with investors who allegedly suffered losses after a corruption probe exposed mushrooming corruption in the company.

Petrobras also says it was a victim of the corruption scheme and that the “the agreement does not constitute any admission of wrongdoing or misconduct” by the company.

The decision still needs to be approved by an U.S. judge.

The Brazilian company says it proposes to pay for the settlement in three installments.

By Associated Press, published on STL.NEWS by St. Louis Media, LLC (TM)

The post Petrobras Agrees to pay $2.95B to settle case in the US appeared first on STL.News - ST Louis Latest News Updates.

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Petrobras agrees to pay $2.95B to settle case in the US


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