$3B Petrobras Accord To Fuel More Shareholder Class Actions

By Ed Beeson (January 5, 2018, 7:33 PM EST) -- Brazilian oil giant Petrobras went for the record books when it said it would pay nearly $3 billion to settle a shareholder class action over its corruption scandal, and that stunning sum combined with a key legal ruling in the case will add gas to the booming market for securities class actions, lawyers say.

The $2.95 billion sum that Petrobras announced Jan. 3, to end investor claims against it and its underwriters, will amount to the fifth-largest securities class action settlement in the U.S. and the largest in about a decade, according to data kept by Stanford Law School.

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