June 20, 2017 / 1:15 AM / 5 months ago

Petrobras settles U.S. lawsuit with The Vanguard Group

SAO PAULO (Reuters) - Brazil’s state-run oil company Petróleo Brasileiro SA (PETR4.SA) on Monday said its board has approved a settlement to end an United States-based lawsuit opened by some affiliates of The Vanguard Group, one of its largest shareholders.

The logo of Petrobras, state-controlled Petroleo Brasileiro SA, is seen at their President Bernardes Refinery in Cubatao, Brazil June 8, 2017. REUTERS/Paulo Whitaker

Petrobras, as the company is known, did not give details of the settlement, but said it raised provisions for legal cases underway in the United States to $445 million from $372 million. Several investors petitioned U.S. courts for compensation for damages suffered in recent years, when the company was engulfed in a massive corruption scandal.

Reporting by Marcelo Teixeira; Editing by Diane Craft

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