Odebrecht settles with 2 Brazil state bodies in graft probe

Construction conglomerate Odebrecht has signed an agreement with two more Brazilian state bodies to settle cases related to a corruption scheme in which Odebrecht and others formed a de facto cartel to rig bids with state-run oil giant Petrobras and bribe officials.

Odebrecht signed an agreement Monday with the solicitor general and the comptroller general to pay around $700 million over 22 years to Petrobras and other state entities. The two state bodies will drop legal proceedings against Odebrecht.

After the installments are adjusted for inflation, authorities estimate Odebrecht will pay around $1.76 billion.

The agreement expands a 2016 settlement in which Odebrecht agreed to pay at least $2.6 billion to resolve charges with authorities in the United States, Brazil and Switzerland. Monday's fine is part of that $2.6 billion.