Petrobras settles U.S. lawsuit with The Vanguard Group

The logo of Petrobras, state-controlled Petroleo Brasileiro SA, is seen at their President Bernardes Refinery in Cubatao, Brazil June 8, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Brazil's state-run oil company Petróleo Brasileiro SA PETR4.SA on Monday said its board has approved a settlement to end an United States-based lawsuit opened by some affiliates of The Vanguard Group, one of its largest shareholders.

Petrobras, as the company is known, did not give details of the settlement, but said it raised provisions for legal cases underway in the United States to $445 million from $372 million. Several investors petitioned U.S. courts for compensation for damages suffered in recent years, when the company was engulfed in a massive corruption scandal.

Reporting by Marcelo Teixeira; Editing by Diane Craft