RIO DE JANEIRO, BRAZIL - Brazil's biggest exporters, including Vale SA and Suzano SA, are demanding R$19 billion (US$3.77 billion) from 19 banks in a class action which accuses them of manipulating foreign exchange rates, newspaper Valor Economico reported on Tuesday.
Exporter association AEB, which filed the class action, said Brazilian exporters took losses of R$107.4 billion with the alleged manipulation of currencies by banks, according to the report. AEB's compensation calculations took into consideration that the association represents 20% of all Brazilian exporters.
Among the banks included in the class action are Itau . . .
To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed? Login Here