The UK's biggest pension fund has helped win a $2.95bn settlement for shareholders in a class action lawsuit against Brazilian oil giant Petrobras — the largest achieved in a decade.

Universities Superannuation Scheme, which invests £60bn of pension assets for workers in the UK's higher education system, acted as lead plaintiff in the claim. The scheme said in a statement today that it was the largest settlement ever in a class action involving a non-US company, and it was the fifth largest ever achieved in the US. US law firm Pomerantz acted for the shareholders.