Petrobras has signed an agreement in principle to settle the securities class action lawsuit filed in the United States District Court for the Southern District of New York (SDNY).
The agreement is intended to resolve all pending and prospective claims by purchasers of Petrobras securities in US and by purchasers of Petrobras securities that are listed for trading in the US.
It eliminates the risk of an adverse judgment which, as Petrobras has previously reported, could have a material adverse effect on the company and its financial situation, and puts an end to the uncertainties, burdens and costs of protracted litigation.
Under the proposed settlement, Petrobras has agreed to pay $2.95 billion to resolve claims in two installments of $983 million and a last installment of $984 million.
The agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.
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