Fitch warns of rising litigation risks at Brazilian banks

April 17, 2015 10:21 PM

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SAO PAULO, April 17 (Reuters) - Brazilian banks face rising risks of litigation due to an anti-corruption investigation of the country's tax appeal board CARF, adding to a wave of legal cases that could threaten lenders' bottom lines, Fitch Ratings said on Friday.

The far-reaching probe of tax evasion and bribes allegedly paid to CARF board members follows a corruption investigation at state-run oil company Petrobras and a landmark savings account case dating back more than two decades.

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