Och-Ziff Capital Management Group LLC agreed to pay $28.8 million to settle a shareholder lawsuit in which it was accused of misleading investors about violations of U.S. laws against foreign bribery, according to a court filing.

A U.S. judge in New York in September allowed the shareholders to sue as a group. The settlement, disclosed in a filing Oct. 2, requires court approval. The payment works out to be about 41 cents a share for the class.

The shareholders accused Och-Ziff of concealing violations of foreign bribery laws as it tried to secure capital from the Libyan Investment Authority and...