Petrobras Agrees to Settle FCPA Charges with Justice and SEC in Joint Settlement with Brazil

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Saturday, October 6, 2018
Bruce Zagaris

On September 27, 2018, Petróleo Brasileiro S.A. (Petrobras), a Brazilian state-owned and state-controlled energy company, entered into agreements with U.S. and Brazilian authorities and agreed to pay a combined total of $853.2 million in penalties to resolve the U.S. government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) in relation with Petrobras’s role in facilitating payments to politicians and political parties in Brazil, as well as a related Brazilian investigation. The U.S. District Court for the Eastern District of Virginia is the venue for the case.