PwC pays $50m to Britain's biggest pension scheme to settle Petrobras allegations

Oliver Gill
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Some of the Brazil's top politicians have been linked to the Petrobras scandal (Source: Getty)

Britain's biggest pension fund today confirmed it has agreed a $50m (£35m) settlement with PwC's Brazilian arm as part of the Petrobras corruption scandal.

The Universities Superannuation Scheme (USS) today announced the deal, which draws to a close a larger $3bn class action against the Brazilian oil giant, the big four auditor and certain former executives and directors.

Last month a partial agreement was struck between shareholders and Petrobras – which did not admit any wrongdoing under the deal – after former executives were accused of accepting more than $2bn in bribes over a decade.

Established in 1975 as the principal pension fund for employees at universities, the USS has fund assets of approximately £60bn and represents around 390,000 members.

Read more: Brazil's Petrobras to pay nearly $3bn to settle US case over corruption

USS group general counsel Jeremy Hill said: “Further to the announcement made last month, we continue to lead this securities class action diligently and intensively, and we welcome this important additional step in the litigation process for the class.

"We are pleased with the settlement agreement which has been reached with PwC Brazil, which we believe is in the best interests of the class and concludes an important stage in the action."

Today's confirmation follows reports late on Friday that a final deal had been struck.

“We were keen to put this protracted legal matter behind us, and a settlement was the best way to achieve this,” said Marcia Avruch, a spokeswoman for PwC Brazil, told Reuters at the end of last week.

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