Braskem, Investors Strike $10M Deal In Corruption Suits

By Kat Greene (September 14, 2017, 10:04 PM EDT) -- Petrochemical firm Braskem SA reached a $10 million deal in New York federal court Thursday with investors who accused the company of hiding its role in bribery tied to dealings with Brazilian oil giant Petrobras, a role that sent shares tumbling when the scandal was revealed.

Braskem, the largest petrochemical company in Latin America, copped to violations of the Foreign Corrupt Practices Act and paid $957 million in fines last year, but had argued in court that its statements to U.S. investors didn't amount to fraud.

The company agreed to pay the investors $10 million in cash to drop their claims, covering...

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