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Banco de Galicia faces class-action lawsuit over applied exchange rate

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Banco de Galicia faces class-action lawsuit over applied exchange rate

Argentine consumer defense association ADUC has filed a class-actionlawsuit against Banco de Galicia yBuenos Aires SA over the exchange rate applied by the bank to salesof foreign exchange for travel and tourism abroad, Grupo Financiero Galicia SA said April 6.

The legal action seeks to block the bank from applying an exchangerate that the ADUC believes to be unlawful, as well as compensation for the allegedlyoverpaid amounts.

Banco de Galicia estimates that an unfavorable resolution ofthe case will not have a significant impact on its shareholders equity, accordingto the statement.