IRB Brasil Agrees to Pay Shareholders $5M in Connection with Securities Fraud Scheme

A publicly traded Brazilian reinsurance company, IRB Brasil Resseguros SA, aka IRB Brasil RE (IRB), has entered into a non-prosecution agreement (NPA) with the Justice Department and agreed to pay $5 million in victim compensation to resolve the government’s investigation into a securities fraud scheme to fraudulently prop up IRB’s stock price by spreading false information that U.S. investment firm Berkshire Hathaway Inc. had invested in the company. IRB trades on Brazil’s B3 exchange and has shareholders around the world, including in the United States.