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U.S. Appeals Court Confirms Approval of Billion-Dollar Settlement Signed by Petrobras with Shareholders in That Country.
Petrobras informed this Friday, September 6, that the United States Court of Appeals approved a settlement in the Class Action, in which the Brazilian state-run company will pay US$ 3.6 billion, about 17 billion reais. The settlement involves the payment of fines and compensation for the corruption scheme uncovered in the “lava jato” operation. In July of this year, the Lava Jato returned R$ 425 million to the state-owned company.
With the decision, according to Petrobras, the settlement is no longer subject to judicial challenges, becoming final.
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Recycling trucks with artificial intelligence begin photographing household waste, identify errors in bins, send warnings to residents, and turn common disposal into a debate about surveillance.
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Recycling trucks with artificial intelligence begin photographing household waste, identify errors in bins, send warnings to residents, and turn common disposal into a debate about surveillance.
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The Vulture Funds, as these investors from the U.S. are called, claimed that the task force proved that shareholders were harmed by irregularities at Petrobras.
A controversial settlement for involving Petrobras’s dual narrative regarding the case. In Brazil, the company claims to be a victim of its former directors, who accepted bribes from construction companies to rig bids, and acts as a prosecution assistant in the “lava jato” cases.
In the U.S., it states that corruption occurred due to lax internal oversight systems — although only it, and not the companies contracted to conduct audits and compliance, pays the fines from the settlement.
Read Below the Statement Issued by the State-Owned Company
Petrobras Announces Final Approval of Class Action Settlement in the United States
Petrobras, continuing the communiqué of June 25, 2018, informs that on August 30, 2019, the Second Circuit Court of Appeals confirmed the decision that approved the settlement to end the Class Action in the United States.
As of today, the settlement is no longer subject to any appeals, becoming final.
As previously disclosed by the company, the settlement does not constitute an admission of guilt or wrongdoing by Petrobras, recognized by Brazilian authorities as a victim of the facts revealed by Operation Lava-Jato.
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