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Investors allege Banco Macro may have misled them in chairman scandal

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Investors allege Banco Macro may have misled them in chairman scandal

Two law firms have announced investigations into claims made by Banco Macro SA investors that the bank may have issued materially misleading information, or omitted material information, in its public communication and regulatory filings.

Bloomberg News reported in December 2017 that Banco Macro Chairman Jorge Horacio Brito was the subject of a corruption scandal involving former Argentine Vice President Amado Boudou.

According to the article, Boudou faced charges that he attempted to gain "illicit enrichment for allegedly using shell companies and secret middlemen to gain control of a company given contracts to print the national currency." Brito was identified as one of the middlemen involved in the alleged scheme.

The Schall Law Firm and Rosen Law Firm separately said they are preparing class action lawsuits to recover losses suffered by Banco Macro investors, although Schall noted that the class, in this case, has not yet been certified.

Based on the Bloomberg report, the investigation "will determine if Banco Macro's filings with the SEC contained untrue or misleading information or otherwise damaged the investing public," Schall said.

Banco Macro did not immediately return S&P Global Market Intelligence's request for comment, although Chairman Brito has previously denied any involvement in the scandal.