May 28, 2024

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Brazil exporters need $3.8 bln from banking companies for currency manipulation – report

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SAO PAULO, June 16 (Reuters)Brazil’s most significant exporters, together with Vale SA VALE3.SA and Suzano SA SUZB3.SA, are demanding 19 billion reais ($3.77 billion) from 19 banking institutions in a class motion which accuses them of manipulating international exchange costs, newspaper Valor Economico reported on Tuesday.

Exporters association AEB, which submitted the course motion, reported Brazilian exporters took losses of 107.4 billion reais with the alleged manipulation of currencies by banks, according to the report. AEB’s payment calculations took into consideration that the association signifies 20% of Brazilian exporters.

Amongst the financial institutions included in the course motion are Itau Unibanco Keeping SA ITUB4.SA, Banco Santander Brasil SA SANB11.SA, HSBC (acquired by Banco Bradesco SA), Citigroup C.N and BNP Paribas BNPP.PA.

Citi declined to remark, including its conduct complies with regulations. Other banking institutions did not promptly answer to a Reuters request for opinions on the subject.

Compensations demanded by Brazilian exporters is a different progress of a global overseas trade scandal which has led to billions of dollars in penalties for banking institutions around the globe. Allegations of widespread manipulation in the place foreign trade current market had been very first documented in 2013.

($1 = 5.0437 reais)

(Reporting by Carolina Mandl Modifying by Chizu Nomiyama)

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