STF Extends Deadline for Savings Review Agreement

The Federal Supreme Court (STF) has extended by another 30 months the deadline for the implementation of the collective agreement for economic plans, which aims to compensate for savings account losses during the Bresser, Verão and Collor plans.

Minister Riccardo Lewandowski, rapporteur of the process, in his vote referred to the effects of the Covid-19 pandemic on the activation of accessions to the agreement, noting that there are a large number of potential beneficiaries.

Ana Celen, executive director of Febrapo (Brazilian front for savers), says 400,000 people can still adhere to the agreement. “Covid has prevented us from reaching more savers, because the vast majority of them are old people, who like to help face-to-face and go to mooters,” he explains.

Who can join the agreement?

Anyone who has not filed a lawsuit until today has missed the deadline, explains Walter Mora, attorney at Idec (Brazilian Institute for Consumer Defense), economic plan or collective actions filed within 5 years of the final and non-appealable decision of the chapter ruling Issued on December 11, 2017.

How to subscribe to the Economic Plans Agreement?

Selene recommends looking for Febrapo on its service channels, such as WhatsApp, phone, and email. She says that the organization monitors the entire procedure, so that the person receives the payment within 15 days after signing the draft, as stipulated in the terms of the agreement.
Commitment information is available on the website www.pagamentodapoupanca.com.br, the information portal of the Economic Plans Agreement. In it, it is also possible to simulate the amount received in the agreement according to the characteristics of each case.

Is it worth joining the convention?

Mora recommends the deal because of its speed and security of payment. “Stocks are lucky. They may pay more, but the problem is you don’t know how long the banks will appeal and what is the future of the High Court and Supreme Court decisions.”

The lawyer says Idec has been helping people affected by economic schemes for more than 30 years, and that even with its many court victories, the fight continues in individual proceedings. “Those who fight against Banks throw stones at the cross. Banks have the power to fight, on the warrior, that no other entity in Brazil has.”

Celine also recommends the deal. “Waiting for judgment is expecting the law, it’s not really right. The agreement is certain, the person knows how much he’s going to get, when he’s going to get it soon.” For her, this speed offsets potential financial losses. “There is indeed a discount, but nothing compared to waiting 30 years for someone who doesn’t see their money in hand.”

Alexander Berth, an attorney who specializes in savings audits, recommends always seeking out a professional so that each case is analyzed on its own merits.

“Given that the current agreement provides for specific rules for the procedural stage and the bank against which the operation is brought, the saver must seek a lawyer to analyze the specific case, under penalty of a false assessment that could harm the saver,” he points out.

Will stocks go back up in 2023?

Perth claims that the return on equity is based on an analysis of timelines and information that banks must provide to the IMF, followed by an assessment of the past to the next. He adds, “It is prudent to wait for the presentation and analysis of the information, which is supposed to take place by mid-April 2023. After that, the scenario can be evaluated.”

Mora adds that some lawsuits have to start again and suggests finding an attorney to learn the details of each process.

(Natalie Vans Bitoni/Folhabers)