RIO DE JANEIRO: Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) 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 US$353mil provision in its third-quarter financial statements to reflect the settlements as well as ongoing negotiations with other plaintiffs, according to the statement.