Petrobras to pay $2.95 billion to settle US suits

Brazil's state-controlled oil company, Petroleo Brasileiro, 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 US. US District Judge Jed Rakoff in Manhattan must approve the settlement.