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Itaú to appeal CARF tax ruling, São Paulo court decision

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Itaú to appeal CARF tax ruling, São Paulo court decision

Itaú Unibanco Holding SA will appeal a decision from a lower court in São Paulo ordering the bank to pay 7.6 billion Brazilian reais in a case involving accusations that the lender charged undue fees.

"The amount awarded is not supported by statutes and case law, which unanimously state that interest awarded by court decisions may not be capitalized," the bank said in a statement.

Itaú Unibanco and its lawyers consider the chances of the bank losing the legal dispute as being "remote," the bank said.

Additionally, Reuters reported that Itaú will also continue the appeals process in a separate case in which tax appeals board CARF recently upheld a tax assessment of 2.7 billion reais on the company tied to the 2008 merger between Itaú and Unibanco.

"Itau Unibanco respects — but will appeal — the decision of the CARF and is confident that its rights will be recognized in the final judgment," the bank was quoted as saying.

As of June 6, US$1 was equivalent to 3.82 Brazilian reais.