Big lawsuit settlement in Brazil

Over the last couple of years, Brazil has been inundated with one corruption scandal after another. The government responded with "Operation Carwash," sort of like our "drain the swamp." We learned this week that Petrobras, the state oil monopoly, settled a huge one with U.S. investors: Petróleo Brasileiro, Brazil's state-controlled oil company, said on Wednesday that it had agreed to pay $2.95 billion to settle a shareholder lawsuit in the United States over a corruption scandal that has ensnared dozens of politicians and corporate executives, including two former Brazilian presidents. Prosecutors, in a long-running investigation known as Operation Carwash, have claimed that a small number of top officials at the company, known as Petrobras, conspired with a group of other companies to overcharge Petrobras for construction and service work, receiving bribes in return. The ensuing scandal and vast investigation has...(Read Full Post)