$50m Paid by PwC to Largest Pension Scheme of Britain as Settlement to Allegations of Petrobras

Today, the biggest pension fund of Britain confirmed that it has agreed on a settlement amounting to $50m (£35m) with the Brazilian arm of PwC as part of the corruption scandal of Petrobras.

Today, the Universities Superannuation Scheme (USS) revealed the said deal, which draws to a close a bigger $3bn class action against the oil giant of Brazil, the big four auditors, and a number of former directors and executives.

Last month, a partial agreement was made between the shareholders and Petrobras – which did not recognise any wrongdoing under the said deal – after some of its former executives were accused of accepting over $2bn worth of bribes over one decade.

The USS was established in 1975 as the principal pension fund for employees at universities. It has fund assets amounting to roughly £60bn and represents approximately 390,000 members.

Jeremy Hill, the general counsel of the USS group, stated: “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.”

The confirmation that was made today follows the reports that were released late on Friday that a deal had already been finalised.

“We were keen to put this protracted legal matter behind us, and a settlement was the best way to achieve this,” stated a spokesperson for PwC Brazil, Marcia Avruch.