Petrobras settles four more suits with disgruntled investors

Brazil’s state oil firm Petrobras says its board has approved financial settlements with four more of its investors suing the company in US federal court.

Petrobras, the most indebted oil company in the world, this time is settling with: New York City Employees Retirement System; Transamerica Income Shares; Internationale Kapitalanlagegesellschaft mbH; and Lord Abbett Investment Trust.

That brings to 19 the total number of settlements out of 27 in a class action against Petrobras. It also brings to $372m the amount the company has set aside for such cases.

Settlement of the cases resolves suits the investors brought to recoup losses they claimed were caused by the massive bribes-for-inflated-contracts scandal that has engulfed Petrobras for more than two years now.

Despite its debt and the stigma of the scandal, Petrobras is still a major player in offshore production in its region.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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