March 1, 2018 / 9:37 PM / 4 months ago

Brazil's Supreme Court approves banks settlement of 1 mln lawsuits

SAO PAULO, March 1 (Reuters) - Brazil's Supreme Court on Thursday approved the collective settlement of 1 million lawsuits lodged against the country's biggest banks by clients who suffered deposit losses because of government economic programs in the 1980s and 1990s.

The banks will pay an estimated 10 billion reais ($3.07 billion) to settle the claims.

Banks and clients reached agreement in November.

Itaú Unibanco Holding SA, Banco Bradesco SA , Santander Brasil, Caixa Econômica Federal and Banco do Brasil SA are part of the agreement.

$1 = 3.2521 reais Reporting by Ricardo Brito Editing by Leslie Adler

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