Petrobras Agrees to Pay $2.95B to Settle Case in the U.S.

Brazil’s state-run oil giant Petrobras has agreed to pay $2.95 billion to settle lawsuits in the United States over the sprawling corruption scandal that has ensnared dozens of officials and business executives across Latin America.

The company said in a statement on Wednesday that the deal ends a legal battle with investors who allegedly suffered losses after a corruption probe exposed mushrooming corruption in the company.

Petrobras also says it was a victim of the corruption scheme and that the “the agreement does not constitute any admission of wrongdoing or misconduct” by the company.

The decision still needs to be approved by a U.S. judge.

The Brazilian company says it proposes to pay for the settlement in three installments.