Petrobras Settles With Pimco, Investors Over Corruption Losses
- Brazil company add $353 million in quarter for legal costs
- Class-action case, 23 other U.S. lawsuits still pending
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Brazil’s state-run oil company Petroleo Brasileiro SA settled four lawsuits brought by investors including Pacific Investment Management Co. after the nation’s biggest-ever corruption case torpedoed the company’s market value.
Petrobras’ board approved agreements with Pimco Total Return Fund, Janus Overseas Fund, Dodge & Cox International Stock Fund and Al Shams Investments, according to a statement filed with Brazil’s securities regulator. Petrobras will include a $353 million provision in its third-quarter financial statements to reflect the settlements as well as ongoing negotiations with other plaintiffs, according to the statement.