Multi-year accounting fraud at Brazil’s largest reinsurer, seeking recovery of $685 million in investor losses
Plaintiff(s):
More than 50 institutional investors (representing over 100 funds) collectively alleging approximately $685 million in securities losses
Case type / claims:
Confidential opt-in securities-fraud arbitration alleging deliberate financial misrepresentation, fraudulent accounting and undisclosed mismanagement that artificially inflated IRB’s financial condition and precipitated severe stock-price declines.
Defendant(s):
IRB-Brasil Resseguros S.A. (IRB), former senior executives and related responsible parties
Jurisdiction:
Arbitration before the the Brazilian Market Chamber
Year:
Active
Outcome / posture:
- Grant & Eisenhofer is pursuing recovery of approximately $685 million in claimed investor losses arising from IRB’s fraudulent financial conduct.
- Multiple regulatory bodies—including Brazilian authorities CVM and SUSEP, and the U.S. SEC and DOJ—have conducted investigations and brought related criminal actions, bolstering investors’ claims.
- Arbitration ongoing under Brazilian Market Chamber rules against IRB, which was once the largest reinsurance company in Latin America and one of the largest in the world.
