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Petrobras makes 2nd payment related to US class-action lawsuit


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Petrobras makes 2nd payment related to US class-action lawsuit

State-run Petroleo Brasileiro SA, or Petrobras, said in a July 3 statement that it made the second US$983 million installment related to a class-action settlement in the U.S.

The first installment was made March 1. In total, the company will pay out $2.95 billion to investors in the U.S. that were affected by a corruption scandal involving company executives.

Petrobras will deposit the last installment of US$984 million by Jan. 15, 2019.

The decision in the class-action lawsuit was finalized June 22 by the Federal District Court in New York.

However, the company reiterated that the monetary agreement does not constitute an admission of guilt on its part since the Brazilian authorities determined that Petrobras was also a victim of "Operation Car Wash," a widespread money laundering operation from 2003 to 2014.