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Brazil banks to fight court rulings on savings case-industry group
May 22, 2014 / 1:22 PM / 4 years ago

Brazil banks to fight court rulings on savings case-industry group

SAO PAULO, May 22 (Reuters) - Brazilian banks will fight any decision by the nation’s top two courts on a landmark case involving disputed compensation for individuals’ savings dating back two decades, industry group Febraban said on Thursday.

While saying it remained confident about a decision by the nation’s Federal Supreme Court, STF, on the matter, Febraban said in a statement that banks will challenge Wednesday’s ruling by the Superior Justice Court (STJ). It ruled that additional interest for millions of savers should be calculated from the date first-class lawsuits were filed in the early 1990s, not when individual claims were made starting in 2010, as the banks sought.

The STF ruling on the case is expected by as early as next week. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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