PwC Brazil Agrees to Pay $50M in $3B Petrobras Fraud Case

The Brazilian accounting unit of PricewaterhouseCoopers LLP reached a $50 million settlement of pension fund investor claims that auditors ignored red flags in a broad kickback and fraud scandal involving the state-run energy giant Petrobras.

The auditing settlement brought the total recovery amount to $3 billion in the resolution of consolidated litigation against Petroleo Brasileiro SA, as Petrobras is formally known. It was filed Feb. 1 as part of a submission in the U.S. District Court for the Southern District of New York seeking preliminary court approval of the wider agreement, which plaintiff attorneys said is the largest securities class ...