Petrobras to pay $3b over lawsuits

Brazil’s state-controlled oil company, Petroleo Brasileiro SA, said on Wednesday that it has agreed to pay $2.95 billion to settle a US class action brought by investors who claim they lost money as a result of a corruption scandal. Petrobras, as the company is known, denied any wrongdoing under the deal, which is one of the largest securities class action settlements in the United States. US District Judge Jed Rakoff in Manhattan must approve the settlement.