Brazil's Petrobras Settles More Individual Shareholder Lawsuits
November 23 2016 - 6:25PM
Dow Jones News
By Paul Kiernan
RIO DE JANEIRO -- Brazilian state-run oil company Petróleo
Brasileiro SA said Wednesday its board has approved agreements to
settle 11 investor lawsuits related to a corruption scandal under
investigation since 2014.
Under the settlements, Petrobras didn't admit to any
wrongdoing.
The lawsuits had been filed in New York by shareholders seeking
to recoup losses they say were triggered by revelations of a vast
corruption scheme surrounding Petrobras. Among the shareholders
with whom Petrobras settled are Aberdeen Emerging Markets Fund,
State of Alaska Department of Revenue, Ohio Public Employees
Retirement System and Abbey Life Assurance Company Ltd.
A class-action suit claiming tens of billions of dollars of
shareholder losses remains unresolved. Petrobras added it can't
make a reliable estimate as to the outcome of the class action.
Write to Paul Kiernan at paul.kiernan@wsj.com
(END) Dow Jones Newswires
November 23, 2016 18:10 ET (23:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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