Five Brazilian banks have incurred losses of 20 billion Brazilian reais ($3.6 billion) as part of a settlement related to the largest bankruptcy case in the country's history.
This settlement concludes years of legal battles stemming from the collapse of construction company Odebrecht, which declared bankruptcy in 2016. The banks, including Santander Brasil, Itaú Unibanco, and Bradesco, were found liable for providing questionable loans to the company.
"This historic decision marks the end of a long and complex process for the financial institutions," said a representative of one of the banks. The agreement aims to restore investor confidence and strengthen financial stability in Brazil.
