March 1, 2018 / 12:21 PM / 3 months ago

U.S. court preliminarily approves terms of Petrobras class action settlement

SAO PAULO, March 1 (Reuters) - A U.S. federal court preliminarily approved on Wednesday the terms of a $3 billion class action settlement Brazilian state oil company Petroleo Brasileiro SA reached with U.S. shareholders in January, the firm said in a Thursday securities filing.

The company said a judge will assess potential objections to the accord at a hearing scheduled for June 1.

In early January, Petrobras, as the company is known, agreed to pay $2.95 billion to U.S. shareholders due to corruption-related losses, in what was said to be the biggest such payout in the United States by a foreign entity. That number could be slightly higher due to legal and administrative fees.

Reporting by Gram Slattery

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