November 28, 2017 / 7:38 PM / a year ago

Brazil banks to sign agreement to settle 1 million lawsuits

BRASILIA (Reuters) - An agreement to be signed between Brazil’s largest banks and their clients could put an end to a million lawsuits seeking repayment of deposits lost decades ago, the solicitor general said on Tuesday.

Grace Mendonça said an agreement was reached on Monday. While no official sums are available, there are estimates that banks may pay up to 10 billion reais ($3 billion) to clients for the losses incurred under economic programs of previous governments during the 1980s and 1990s.

The Solicitor General plans to send a final version of the plan to the Supreme Court for approval by year-end. She said the agreement will help reactivate the Brazilian economy, which is emerging from its worst recession in a century.

($1 = 3.2077 Brazilian reais)

Reporting by Leonardo Goy; writing by Tatiana BautzerEditing by Chizu Nomiyama

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