September 27, 2018

Petrobras settles corruption cases in the US and Brazil

The state-owned Brazilian energy company, Petróleo Brasileiro S.A., has entered into a Non-Prosecution Agreement with the Department of Justice and a settlement with the Securities and Exchange Commission, agreeing to pay $853.2 million in penalties to resolve the “Car Wash” investigations in the United States and Brazil into bribery and violations of securities laws.  The DOJ and SEC will each receive 10% of the total penalties, while the Brazilian Ministerio Publico Federal will receive the remaining 80%.  The company will pay an additional sum of $933,473,797 as disgorgement and interest to the SEC, to be offset by payments to stakeholders in a pending class action based on securities law violations.

DOJ Press ReleaseSEC Press Release 

Non-Prosecution AgreementSEC Order