In one of the largest anti-corruption settlements in history, J&F Investimentos (J&F), the controlling shareholder of the world’s largest meatpacker, recently agreed to pay U.S. $3.2 billion (BRL 10.3 billion) to settle charges that it violated the Brazilian Clean Companies Act. J&F’s fine is significantly larger than what Odebrecht paid to settle corruption claims in late 2016, a matter that is widely considered the largest anti-corruption settlement of all time. In a guest article, Brazilian attorney Isabel Costa Carvalho, a partner at Hogan Lovells, and associate Rafael Szmid, analyze the settlement and its implications. See the Anti-Corruption Report’s two-part series on the Odebrecht and Braskem Settlements: “Myriad Bribes, Two Companies and One Multibillion Dollar Global Settlement” (Jan. 18, 2017), and “Brazilian Enforcers Are MVPs” (Feb. 1, 2017).