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Class action filed against Banco Macro, Macro Fondos

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Class action filed against Banco Macro, Macro Fondos

Banco Macro SA said a class action was filed against Macro Fondos S.G.F.C.I. SA and Banco Macro as the custodian of Macro Fondos, according to a Form 6-K filed Dec. 12.

The action holds both entities liable for a possible value drop in quotas that consumers hold in the funds managed by Macro Fondos, following the implementation of Resolution 646/2015, which was issued by Argentine regulator Comisión Nacional de Valores, the CNV.

The resolution requires certain foreign currency nominated assets to be valued at the seller exchange rate published by Banco de la Nación Argentina and not according to provisions under fund management rules. The action seeks partial compensation for fees charged prior to the resolution's effective date, and total compensation for the quotas of all consumers who were supposedly affected.

Banco Macro believes there is a low probability of an unfavorable decision over the action, and even if it occurs, it would not significantly impact its financial position.