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If any general counsel out there are still letting their companies sleepwalk through compliance programs, Wednesday’s $2.95 billion class action settlement with the Brazilian oil company Petrobras should smack them wide awake.

If approved, it will be the largest settlement of a class action U.S. securities fraud suit this decade and one of the top 10 in history. Ranking higher were Enron Corp. at $7.2 billion in 2006; WorldCom Inc. at $6.2 billion in 2005; Tyco International at $3.2 billion in 2007; and Cendant Corp. at $3.1 billion in 2000.

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Sue Reisinger

Senior reporter at ALM since 2004; based in Florida; covers general counsel and white collar crime; contact: [email protected]

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