Brazilian oil company Petrobras over the entrance to its headquarters in Rio de Janeiro, Brazil. Petrobras agreed to pay 2.95 billion dollars to settle a class action lawsuit in a New York court brought by shareholders who complained that they were affected by the corruption scandal engulfing the Brazilian state-owned firm, company officials announced Wednesday. / AFP PHOTO / YASUYOSHI CHIBA

Brazilian state oil giant Petrobras agrees US$2.95 billion payout over corruption scandal

A massive embezzlement and bribery scheme involving a network of company executives and politicians is estimated to have caused the company more than US$2 billion in losses

Topic |   Crime

TOP PICKS

Brazilian oil company Petrobras over the entrance to its headquarters in Rio de Janeiro, Brazil. Petrobras agreed to pay 2.95 billion dollars to settle a class action lawsuit in a New York court brought by shareholders who complained that they were affected by the corruption scandal engulfing the Brazilian state-owned firm, company officials announced Wednesday. / AFP PHOTO / YASUYOSHI CHIBA
READ FULL ARTICLE