The Universities Superannuation Scheme (USS) has agreed a $50m settlement with PwC Brazil following the Petrobras scandal.

The deal follows the $2.5bn partial settlement agreed between the Brazilian firm and its shareholders last month, and means the larger $3bn class action settlement against Petrobras, its auditor PwC and some executives is a step closer, subject to court approval.

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."

USS, the UK’s largest pension scheme, along with North Carolina State Treasurer and Employees’ Retirement System of the State of Hawaii are now committed to seeing the agreement approved by the court to ensure the best result for ongoing class action.

The overall settlement would represent the largest securities class action settlement in a decade and the largest involving a non-US issuer and the fifth largest settlement ever achieved in the US.

PwC spokesperson, Maria Avruch, told Reuters: “We were keen to put this protracted legal matter behind us, and a settlement was the best way to achieve this."

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