Brazil top court to rule on depositors case in early 2014
SAO PAULO Nov 27 (Reuters) - The majority of Brazil's Federal Supreme Court agreed on Wednesday to delay the final decision on a case pitting thousands of depositors against domestic banks over the remuneration of their savings until the start of next year.
Justices at the Brasilia-based court agreed to begin hearings on the case immediately.
The court, known as STF, is reviewing a two-decade old case on savings accounts that could cost banks almost one-third of their market value and throw a wrench into Latin America's largest economy. Plaintiffs allege banks failed to pay fair remuneration on deposits during those years, when hyperinflation led the government to peg savings rates to a number of different indexes. Banks have repeatedly said they followed the law.