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Petrobras to Pay $2.95 Billion Settlement in U.S. Class-Action Suit

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Brazilian state-run oil company Petróleo Brasileiro S.A, also known as Petrobras, announced that it has entered into an agreement in principle to pay US$ 2.95 billion to settle a securities class-action lawsuit brought forward by investors in the United States District Court for the Southern District of New York. The petitioners claim they incurred large losses on Petrobras securities bought between 2010 and 2015 that were artificially inflated on the energy company’s balance sheet as part of a massive corruption scheme uncovered by Brazilian Federal Police in 2014 involving company executives and politicians at the highest levels of Brazil’s government.

The development comes as good news for the oil company, which has fought a three-year legal battle to disentangle itself from the 2014 investigation known as Operation Car Wash and was expected to pay as much as US$ 10 billion in potential liabilities to investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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