Big money lawsuits stir doubt in Brazilian markets

B3, the operator of the São Paulo stock exchange, increased its risk of losing a 22-year old court case which could cause a BRL 31.2-billion hit for those involved

lawsuits stock market
B3 headquarters in central São Paulo. Photo: Casa da Photo/Shutterstock

At some point in the coming months, Brazil’s Superior Court of Justice (STJ) is expected to try an old but highly consequential case involving São Paulo stock exchange B3 and the Central Bank. More than two decades after the suit was initially filed, the bourse appears slightly less certain about its chances of winning — not least because the dispute involves billions of Brazilian Reais.

The case refers to the role of the Central Bank and B3 — then called BM&F (Brazilian Mercantile and Futures Exchange) — in operations carried out on the futures market to assist Brazilian banks...

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