Itau (ITUB) and Other Global Banks Sued for Rate Rigging
Zacks Equity Research , 17 June 2021
Major banks might need to pump up their legal reserves, as five of them are on the radar of the Exporters’ association, AEB, and Brazil’s anti-trust watchdog, Administrative Council for Economic Defense (CADE). Reportedly, Brazil’s biggest exporters, such as Vale SA and Suzano SA, are appealing in a lawsuit for 19 billion reais ($3.77 billion) from ItauUnibanco Holding SA ITUB, Banco Santander Brasil SA BSBR, HSBC Holdings plc HSBC, Citigroup C and BNP Paribas BNPQY on grounds of alleged manipulation of the Brazilian Real (R$).
This news was first reported by Valor Economico, a Brazilian newspaper and Reuters had reviewed the court documents. Continue reading “Article: Itau (ITUB) and Other Global Banks Sued for Rate Rigging”
You’ve got to hand it to r/WallStreetBets: They’ve gotten very robust in their stock selection process as compared to the GameStop (NYSE:GME) era. The message board, which has grown significantly in the first half of the year, is picking mortgage REITs and private prisons as some of the latest meme stocks. It should not be a surprise then that the retail investor group is looking to follow whales to new frontiers, like they are doing today with Itaú Unibanco Holdings (NYSE:ITUB) stock. 