Rio de Janeiro — Brazil’s state-run oil company Petroleo Brasileiro settled four lawsuits brought by investors including Pacific Investment Management Company after the nation’s biggest-yet corruption case torpedoed the company’s market value. Petrobras’s board approved agreements with Pimco Total Return Fund, Janus Overseas Fund, Dodge & Cox International Stock Fund and Al Shams Investments, according to a statement filed with Brazil’s securities regulator. Petrobras will include a $353m provision in its third-quarter financial statements to reflect the settlements as well as ongoing negotiations with other plaintiffs, according to the statement. The world’s most indebted oil producer is labouring to right itself after a multiyear probe revealed a systematic pay-to-play scheme that siphoned money to politicians and corrupt executives. CE Pedro Parente has the tasks of resolving its pending lawsuits, trimming expenses, divesting assets, and making company management more independent...
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