Brazil’s IRB (IRBR3) said it has two arbitration proceedings filed against the company at the Market Arbitration Chamber (CAM).
The disclosure followed a request for clarification from exchange operator B3 after a report by Valor Econômico.
The exchange also cited an article in which Itaú Asset, in representation of some of its investment funds, had participated with other investors in its arbitration process against the reinsurer.
It further said that the law firm Modesto Carvalhosa, Kuyven e Ronco Advogados had presented a new petition already covering about 90 funds, with damage amounts rising to the level of R$1 billion.
IRB responded to the exchange’s question by stating that on the day the article was published, it was unaware of the procedures detailed in the media report.
The company claims that it was not formally informed by the Market Arbitration Chamber about the start of the procedures described in the news item until considerably later.
Timeline of notifications
According to the IRB, CAM received a request to start the Arbitration Proceeding CAM 319/26 on the morning of February 2.
Funds managed by Itaú Unibanco Asset and other investors who previously appeared as claimants in a prior arbitration (CAM 238/23) are involved in this process.
The prior case began in January 2023. The market was well aware that some investors were excluded from that move for formal reasons, according to the IRB.
According to the corporation, the recently established arbitration has brought the same group of investors, or a portion of them, back into the picture.
The reinsurer further stated that it was notified by CAM on February 3 that the Arbitration Proceeding CAM 316/25.
The company’s database showed that there are 76 legal entities involved in this second case, several of which are investment funds.
Character of the assertions
According to the IRB, the primary goal of both arbitration processes is to recover damages for purported losses, based on the papers that have been filed thus far.
A drop in the market value of the company’s shares is cited as the cause of these losses.
The business described the general framework of each process, including the investors’ legal counsel and the temporary sums allotted to the claims for procedural reasons, but it did not go into further detail about the particular arguments put out by the claimants.
According to IRB, the law firm Condini e Tescari Advogados is representing the claimants in the Arbitration Proceeding CAM 319/26.
According to the company’s statement, the case’s worth has been provisionally determined at R$ 10 million, only to be used in determining court expenses.
Modesto Carvalhosa, Kuyven e Ronco Advogados, the same firm cited in the Valor Econômico article, is representing the investors in the Arbitration Proceeding CAM 316/25, according to IRB.
A preliminary estimate of the case’s value in this procedure is R$ 320 million.
Disclosure by the company
The IRB stressed that the arbitration proceedings’ allocated values are tentative and serve procedural and financial objectives.
The company’s statement addressed the timing suggested by the media article that caused B3 to seek clarification, as well as the order of notifications received.
The reinsurer did not offer an evaluation of the claims’ chances of success or comment on possible financial effects beyond the provisional amounts revealed.
Its answer was restricted to identifying the parties involved, verifying the proceedings’ existence, and summarising the data included in the papers that have been received thus far.
Based only on information formally conveyed by the Market Arbitration Chamber, the disclosure seeks to inform investors about the state of legal actions affecting the company and adheres to conventional market communication norms in response to exchange questions.
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