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Financial Services Law Insights and Observations

Brazilian Petrochemical Company Reaches $10 Million Settlement With Investors

Financial Crimes FCPA Anti-Corruption Braskem SA Petrobras Brazil Switzerland

Financial Crimes

On September 14, a Brazilian petrochemical company, agreed to pay its U.S. investors $10 million for concealing its role in a corruption scandal involving a Brazilian multinational corporation in the petroleum industry. The settlement resolves a 2015 lawsuit brought by U.S. investors against the petrochemical company, which alleged the company had misled investors into believing its operations were legitimate. The settlement follows the December 2016 guilty plea by the company and its affiliated construction firm to violating the Foreign Corrupt Practices Act. Together, the companies agreed to pay $3.5 billion in a combined global settlement with U.S., Brazilian, and Swiss authorities.

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