The board of Brazil’s troubled state oil firm Petrobras on Friday approved multimillion-dollar settlements to lawsuits brought by investors in a New York federal court, according to Reuters.
Cases were based on the claim that the corruption-plagued firm misled investors about the extent of a massive bribery scheme and produced misleading financial reports while Petrobras was shedding $200bn in shareholder value from 2008 onwards.
In its Friday decision the board is estimating a provision of $353m to cover the settlements to four lawsuits.
This is not the end of the legal process in the US, though, as there are still a class-action case and 23 individual suits at the US District Court for the Southern District of New York.
Petrobras said that the settlements on Friday did not mean an admission of responsibility and that it plans to defend the other suits.
