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According to a survey Folha at least 14 business groups entered the São Paulo court in order to avoid the time limit for recovering compensation from Brazilian and foreign banks that made the 39; subject of an investigation within the cartel exchange. ]
Vale, Braskem, Usiminas, Gol, Odebrecht and OceanAir were among the companies that, in individual actions, triggered
Cade (Administrative Council for Economic Defense) investigation if 23 banks participated in the
Among the institutions are Brazilians BTG Pactual, Itaú BBA, Santander and Bradesco (for taking responsibility for HSBC) and foreigners such as Bank of America Merrill Lynch, Citibank, Credit Suisse, D
As long as Cade does not complete investigations, companies can not effectively prosecute banks and claim damages.
Companies now appear before the courts for fear that they
According to the Brazilian Civil Code, prescription may occur three years after the execution of the contract between the parties or, according to another interpretation three years after the denunciation.
In another case, there is a risk that the claim period will expire before the end of Cade's investigation.
In this way, the lawyers of the companies brought a lawsuit to request the suspension of the limitation period.
For companies, we expect that they can revise the rates of foreign exchange transactions.
If there was an agreement, in the opinion of the business lawyers, the fees charged were not fair and could therefore claim damages.
Cade investigates the question of whether and how
In the São Paulo court, as in the case of the State of São Paulo, the Board of Trustees decided to establish an exchange information about the positions of its customers. revealed Folha Tuesday (26), there are processes of companies Aurora and Renuka.
Now also have filed applications to stop the Estaleiro Brasa Prescription Period Companies, Indutrisal Rem, Petrosynergy, Senior Air Taxi, Eisa-Shipyard, OEA, Oderich Conserve and Dorel Children's Products.
Vale sued on behalf of several group companies, including the former Mosaic, an acquisition today called Vale Fertilizantes.
Among the banks interviewed by Vale also figures Bradesco, which is a partner of the company through Bradespar
The complaint about the alleged manipulation of the exchange rate came to Brazil there are three years, through a closed clemency agreement between Cade and UBS
O Cade opened two cases
Offshore handling (in foreign currencies) is investigated in 13 banks.
In another line of research, Cade establishes onshore manipulation (with the real), with the work of foreign and domestic banks, including BTG, Itaú and Santander
In the United States, five banks have signed a agreement with the Department of Justice and paid $ 5.7 billion to avoid future lawsuits: Barclays, Citicorp, Deutsche, HSBC and JPMorgan Chase
In December 2016, the same banks reached an agreement with Cade and accepted to pay fines of
In mid-June this year, two other banks, Morgan Stanley and Royal Bank, reached an agreement and paid R $ 43 million.
In a note, Bradesco reported that it took over the role of the Bank of Brazil and the Bank of Brazil the lawsuits filed by HSBC Brasil, acquired in 2016, and was originally l & rsquo; Case filed by Cade.
Itaú Unibanco reported that he was not informed of the lawsuits, but pointed out that he did not participate in any illegal activity and, therefore, did not caused no damage to the companies. The bank is part of the processes of Braskem and Vale
Citi says it follows the rules of compliance
The companies also did not want to comment.
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