Pedro Parente, the CEO of Brazil's Petrobras, said on Oct. 24 that four settlements reached with investors late in the week of Oct. 17 were not part of provisions for other ongoing lawsuits, including a class action case.
The settlements included lawsuits led by Allianz SE's Pimco Total Return Fund, Dodge & Cox International Stock Fund, Janus Overseas Fund and Al Shams Investments, which accuse Petrobras of covering up a sweeping graft scheme and publishing misleading accounts.
Parente said he expects to settle more lawsuits going forward.
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