Brazil exporters demand $3.8 billion from banks for currency manipulation
Carolina Mandl, 16 June 2021
Among the banks named in the lawsuit are Itau Unibanco Holding SA, Banco Santander Brasil SA, HSBC (whose Brazilian unit was acquired by Banco Bradesco SA in 2016), Citigroup and BNP Paribas.
Citi said its conduct complies with rules. Bradesco declined to comment. Santander said it is still unaware of the class action, while Itau said it will contest the accusations. Other banks did not immediately respond to requests for comment.
AEB has not yet been able to make calculations for the period between 2008 and 2012, the full period it believes a cartel to manipulate exchange rates was in place, AEB’s lawyer Bruno Maggi said.
From mid-January until early March, RIC surged 690 percent, while the benchmark VN-Index fell 0.8 percent. It then plunged 61 percent to its current price of VND17,800 ($0.78).
