Login  |  Register  |  Search

Press Release: Brazilian Postal Delegation in Washington DC

Press Release: Brazilian Postal Delegation in Washington DC
Velma Anne Ruth, M.Ed. - Mon May 15, 2017 @ 11:50PM
Comments: 0

Press Release

Delegation from Brazilian Pension Fund Postalis Meets with U.S. Government Officials to Address the Exploding Pension Crisis in Brazil

Brasilia.-Andre Motta, President of Postalis, the pension fund for 130,000 postal workers in Brazil, will brief the media on the exploding pension crisis in Brazil on Thursday, May 18, at 10:00 AM at the National Press Club, Zenger Room, 529 14th Street, NW, Washington, DC. Postalis is the largest pension fund in Brazil in terms of participants. Postalis is represented by the Law Office of Bart S. Fisher (Washington, DC), the Law Office of Clayborne, Sabo & Wagner (Belleville, Illinois), Lobo Martin Oliveira & Valdetaro - Rua da Assemblela (Rio de Janeiro - Brazil). Mr. Motta will be leading a delegation from Brazil that includes leaders from Postalis, the Letter Carriers Union of Brazil, and the Congress of Brazil. This delegation will have meetings with members of the U.S. Congress and Executive Branch agencies, including the U.S. Department of State and the Treasury Department. Mr. Motta will report on the outcome of those meetings.

Mr. Motta will also report on the status of the litigation now under way in Brazil against BNY Mellon affiliates in Brazil, a case in which $1.5 billion in the value of the Postalis pension fund was erased in connection with the activities of its fiduciary fund administrator and fund manager, BNY Mellon. The claims in the Brazil cases of Postalis against BNY Mellon focus on breach of contract, and breach of fiduciary duty.

"BNY Mellon has undertaken a series of actions in Brazil that threaten to destabilize an already difficult political and economic situation. Postalis lost $1.5 billion due to the failure of Mellon to perform its duties as fiduciary administrator and fund manager. As a result, instead of having security for retirement, Brazilian postal workers are now required to make additional contributions to Postalis. This is fundamentally unfair. Prompt action is required to address this situation," Motta said.

"U.S. financial institutions such as BNY Mellon must be held accountable for their role in the Brazilian pension fund crisis. Brazil is an important strategic ally of the United States in the Western Hemisphere, and the United States should not tolerate predatory behavior by U.S. financial institutions such as BNY Mellon," Motta said.

Source: The Law Office of Bart S. Fisher
Comments: 0