Itau presses suit against former CFO after settling with ex-consultant
SAO PAULO, June 2 (Reuters) - Itau Unibanco(ITUB4.SA), opens new tab, Latin America's largest private lender, is dropping a lawsuit against a past consultant but proceeding with litigation against former Chief Financial Officer Alexsandro Broedel Lopes, whom it accuses of diverting funds while at the bank.
Itau alleges that the consultant, in collaboration with Broedel, breached the bank's policies by engaging in irregular payments for consultancy reports. Broedel is a senior officer at Spain's Santander (SAN.MC), opens new tab and is expected to take over as chief accounting officer, the bank said.
On Monday, Itau confirmed it had reached a settlement with Eliseu Martins, under which the consultant agreed to pay an additional 2.5 million reais ($440,000) to the bank, bringing the total amount returned to 4 million reais.
Under the settlement, seen by Reuters, Martins said Broedel was his de facto business partner, collaborating on certain consulting work and accounting reports, receiving 40% of revenues generated by those services.
Martins noted that he had no knowledge of who authorized and processed payments within Itau's system, nor was he familiar with the bank's internal governance structure. The consultant claimed Broedel had told him that their partnership was known to Itau.
In a statement, Itau said the consultant's agreement "unequivocally confirms the internal investigations conducted by the bank and which formed the basis for the adoption of the relevant judicial measures." The bank also said it will press on with its legal action against Broedel.
Broedel did not immediately respond to requests for comment. Santander declined to comment.
Broedel's representatives have previously said their client denied any wrongdoing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
36 minutes ago
- The Independent
3 surprising market winners in 2025
Investors brave enough to peek at their account statements know that it's been a rocky 2025. Even before tariff-related volatility, DeepSeek AI's launch clouded the major technology theme that powered the market in 2023 and 2024, as AI stocks entered a bear market in March. But there have been equity gains to be had in 2025. When I look at year-to-date returns across indexes, I notice a few surprising stars: European stocks, Latin America, and real estate investment trusts. The common thread that connects the three? All had been underperformers in prior years. European stocks have been made great again Morningstar's European stock index is riding high this year, as the macroeconomic environment has been improving. The financial-services sector, in particular, is a key beneficiary. Then there's Germany's newfound interest in deficit spending and the continent's focus on military self-sufficiency, spurred by the Donald Trump administration. US tariff announcements caused sharp selloffs in Europe, but the recovery has been V-shaped. A weakening US dollar has magnified European equity gains for unhedged US investors. It doesn't hurt that the European Central Bank and the Bank of England have actually been cutting interest rates. My research and investment colleagues have called Europe 'the most attractive developed-markets region globally,' making European stocks worthy of inclusion in a diversified portfolio. Latin America: Can the revival last? South of the US border, stocks are rallying. Morningstar's Latin American equities index is up more than 22% so far in 2025, thanks to Brazil, Mexico, and the smaller markets of Colombia and Chile. Here, too, a weakening dollar has boosted equity returns for unhedged US investors. This marks quite a turnaround from losses of more than 25% in US dollar terms in 2024. Brazil, for its part, faces serious fiscal challenges. In Mexico, sentiment was dented by election results on both sides of the border. Coming into the year, my colleagues on Morningstar's research and investment team identified Brazil as the highest potential global equity market for the coming 10 years. Latin American stocks are volatile but could hold more upside. REITs, especially those outside the US, outperform Real estate investment trusts are also up double digits this year outside the US. Property sectors in many geographies are vibrant, bolstered by low or falling interest rates. What about the US? The Morningstar US REIT Index is well behind the Morningstar Global Markets ex-US REIT Index in 2025, but it's in positive territory, ahead of the broad US equity market. US interest rates that appear to be staying higher for longer are seen as a negative for real estate. That said, REIT yields are attractive, and property is a 'real asset' that can act as an inflation hedge. Diversification assures exposure to unloved asset classes US mega-cap technology-oriented stocks did so well for so long that many investors thought they were the only game in town. Coming into 2025, it was hard to envision how the Magnificent Seven could ever be knocked off their perch. The rise of artificial intelligence, widely viewed as 'bigger than the internet,' seemed inexorable. No one saw DeepSeek AI coming, and few predicted the degree to which tariffs would disrupt. Gravity is a powerful force in investing, too. US stocks, especially on the growth side of the market, posted returns in 2023 and 2024 that far exceeded their historical levels. Their losses in 2025 can be seen as a reversion to the mean, or a return to long-term averages. The surprising winners of 2025 show that investment performance is dynamic. Contrarian bets can be profitable, though they can also take time to pay off. Investors who diversify by geography, style, and market capitalization are also well placed to benefit from leadership change. ___ This article was provided to The Associated Press by Morningstar. For more markets content, go to
The Independent
2 hours ago
- The Independent
Amazon itineraries have been revealed for CroisiEurope's new luxury river cruise ship
Canoe trips along the Amazon and meetings with indigenous communities are among the experiences that cruise line CroisiEurope is set to offer as the brand prepares to debut on the world's longest river in 2027. The European river cruise will debut RV Brasilian Dream in 2027 with three 11-day itineraries to choose from – The Amazon & Rio Negro round trip from Manaus, The Amazon & Rio Tapajos between Manaus and Santarém, and Cruise Along the Amazon Between Brazil & Colombia, which sails between Manaus and Tabatinga. From January to June, cruise passengers will be able to explore the flooded forest by canoe, getting up close to river dolphins and aquatic birds. Between July and December, itineraries will focus on the region's white sandy beaches and abundant wildlife along the riverbanks. Highlights of the cruises will include visits to major parks and UNESCO-type protected areas, while passengers will be able to observe wildlife in dinghies and from dugout canoes. There will also be meetings with indigenous communities, evening excursions and visits to villages on stilts along the riverbank, plus the chance to learn about local crafts, plants and produce and a variety of on-board lectures. Further details, including dates, prices and when bookings will open will be announced at the beginning of July 2025. The cruises will take place on the new 32-guest RV Brasilian Dream, a four-deck ship inspired by Amazonian culture. Accommodation includes 16 suites with private balconies, including two presidential suites suspended between the sky and water. There will also be a gourmet restaurant serving Brazilian-inspired dishes, a spa, fitness room, sun deck and a conference room. As part of its commitment to protecting and preserving the Amazon, CroisiEurope said it is implementing the latest eco innovations, including engines that meet the strictest environmental standards, an advanced wastewater treatment system and solar panels that will allow the ship to shut down its generators at night and operate on batteries.
The Independent
2 hours ago
- The Independent
Charlotte Alice Peet: Full story of British journalist found in Brazil after four months missing
British journalist Charlotte Alice Peet was finally found on Monday following a four month search by Brazilian authorities. Ms Peet, 32, who has worked for The Independent, went missing in February after she flew to Brazil in November. She had previously lived and worked in Brazil. After her disappearance was flagged by friends and family, Brazilian authorities spent four months tracking her down before she was found in the major eastern city of Sao Paulo. Ms Peet informed authorities that she had voluntarily disappeared, and did not want to contact her family. Here is the full story of Charlotte Alice Peet's disappearance and how Brazilian authorities tracked her down. Who is Charlotte Alice Peet? Ms Peet had nine years of experience as a journalist including four years of reporting abroad. She worked for a host of British publications, including The Independent. She worked as a freelance journalist in London after a stint as a foreign correspondent in Brazil, reporting for publications including Al Jazeera, The Times and the Evening Standard, according to her LinkedIn profile. Ms Peet also described herself as fluent in Portuguese. What happened when she went missing? Ms Peet was declared missing in February after being seen boarding a bus in Sao Paulo. The journalist, 32, is said to have told a friend she was planning to go to Rio de Janeiro on 8 February before she disappeared. Days later, the family contacted her friend to say they had lost contact. Ms Peet had also not told her family that she had flown to Brazil back in November. A missing person report was initially lodged at Rio de Janeiro's Tourist Attention Centre on 17 February before being passed on to Sao Paulo, where Ms Peet was supposed to have been before she disappeared. Local authorities launched an investigation to find the reporter on 17 February. How did the search play out? The Rio de Janeiro Whereabouts Discovery Unit (DDPA) initially said they believed that Ms Peet stayed at a hostel in Copacabana. Police believe she remained until 17 February, before moving to another hostel in Botafogo where she stayed until 24 February. On at least two occasions, she visited bars in Copacabana and Leme. The Brazilian Foreign Press Association (ACIE) released a statement at the time, expressing their 'concern' for Ms Peet after she vanished. The ACIE said that Ms Peet's family had provided information about her flight to Brazil as well as a passport photo to aid the investigation. By tracking Ms Peet's cell phone, authorities collected information about her whereabouts. Local media reported that authorities had been able to access photos on her phone - but it is unclear how they did this. These pictures included several selfies, shared publicly by police as they tried to track her down. She was later found at a Sao Paulo hostel. Upon finding her at the Sao Paulo hostel, police told the BBC on Monday that Ms Peet expressed her desire not to have contact with her family. Police then dropped the case after earlier suspicions that she had voluntarily disappeared were confirmed.
