Petrobras reaches $2.95B settlement in US investor suit

Brazil’s Petrobras announced it reached a $2.95 billion settlement in a U.S. investor lawsuit.

The class-action suit arose from allegations officials with the petroleum company received bribes in return for awarding billions of dollars worth of contracts to construction companies.

“In the agreement, Petrobras expressly denies liability. This reflects its status as a victim,” the company said in a statement.

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