Brazil's Petrobras Settles More Individual Shareholder Lawsuits

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)

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