On Wednesday, Brazil’s state-run oil major Petroleo Brasileiro SA (Petrobras) agreed to pay USD 2.95 billion, as a settlement to a US class action corruption lawsuit, according to Reuters.
The so-called “Car Wash” corruption involved state-run companies, as well as politicians, and concerned executives allegedly receiving bribes in return for awarding contracts to construction firms at inflated prices since 2014.
The payout is said to be the biggest of its kind in the US by a foreign entity. Although the settlement was reportedly smaller than predicted, it was an important milestone for the company in its effort to emerge from the scandal that led to accusations of two former presidents and dozens Brazilian corporate executives.
According to Reuters, this settlement will make Petrobras pay out more than six times what it has received under a Brazilian probe into bribery schemes that involved company executives and government officials.
However, the company did not admit liability and said that it has only recovered USD 455.77 million for itself from the Car Wash investigation.
