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Braskem settles bribery class action for $10 million

Jaclyn Jaeger | September 15, 2017

Brazil-based petrochemical giant Braskem has reached a $10 million proposed settlement with U.S. investors for concealing its role in a bribery scheme involving state-owned oil company Petrobras.

Braskem announced  Sept. 14 that it reached the proposed deal in the U.S. District Court for the Southern District of New York. Under the terms of the agreement, which still require court approval, the money will be paid to purchasers of American Depositary Receipts (ADRs) in Braskem during the period of July 15, 2010 and March 11, 2015.

Last year, Braskem paid US$957 million in penalties and damages to resolve a global settlement related to the massive corruption probe surrounding state-owned oil company Petrobras.

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