Petrobras Loses Bid to Overturn $820 Million Settlement Deal

Petrobras American Inc. lost its bid to overturn an $820 million settlement agreement with Belgian Transcor Astra Group S.A. on allegations that Astra bribed some of its employees to accept the deal, after the Texas Supreme Court ruled Friday that the agreement bars all of its claims in this lawsuit.

The state-run Brazilian oil company entered into a join venture for Pasadena Refining System Inc. with Astra in 2006. The parties quickly became embroiled in several disputes, resulting in a 2009 arbitration award to end their partnership that required Astra to sell its 50% interest to Petrobras.

Astra alleged Petrobras ...