U.S. Court Preliminarily Approves Petrobras Class Action Settlement
A U.S. federal court preliminarily approved on Wednesday the terms of a $3 billion class action settlement Brazilian state oil company Petroleo Brasileiro SA reached with U.S. shareholders in January, the firm said in a Thursday securities filing.
The company said a judge will assess potential objections to the accord at a hearing scheduled for June 1.
In early January, Petrobras, as the company is known, agreed to pay $2.95 billion to U.S. shareholders due to corruption-related losses, in what was said to be the biggest such payout in the United States by a foreign entity. That number could be slightly higher due to legal and administrative fees.
Reporting by Gram Slattery
