Jan. 3 (UPI) -- The state-owned Brazilian oil company Petrobras agreed to pay nearly $3 billion to settle a U.S. shareholder lawsuit, it announced on Wednesday.
The settlement ends a three-year legal battle in which depository receipt holders and bondholders in the United States lost money as the company's market value declined. Brazilian prosecutors began an inquiry in 2014 regarding a far-reaching money-laundering, bribery and kickback scheme known as Operation Carwash. Dozens of Petrobras executives and Brazilian politicians, including former Presidents Dilma Rouseff and Luis Lula de Silva, have been implicated.