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Santander Brasil, others sued over alleged fraud in pension fund ops

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Santander Brasil, others sued over alleged fraud in pension fund ops

Brazilian prosecutors filed a lawsuit against Banco Santander (Brasil) SA, Banco Finaxis SA, Trendbank SA Banco De Fomento, brokerage company Planner Corretora de Valores SA and 12 individuals over alleged losses suffered at pension funds Petros and Postalis, Diário Comércio Indústria e Serviços reported.

Prosecutors are seeking 561.6 million reais as compensation, which is triple the amount of estimated losses.

The case pertains to pension contributions made to an investment fund named FIDC Trendbank, in which alleged fraud and embezzlement were observed. According to prosecutors, a bank director "purposely failed to receive and review documentation on the backing of FIDC Trendbank's portfolio rights."

FIDC Trendbank was managed by Banco Finaxis and was later passed to Planner Corretora and ultimately to Santander Brasil.

As of Sept. 10, US$1 was equivalent to 4.11 Brazilian reais.