Brazil exporters demand $3.8 bln from banks for currency manipulation - report



SAO PAULO, June 16 (Reuters) - Brazil's biggest exporters, including Vale SA VALE3.SA and Suzano SA SUZB3.SA , are demanding 19 billion reais ($3.77 billion) from 19 banks in a class action which accuses them of manipulating foreign exchange rates, newspaper Valor Economico reported on Tuesday.

Exporters association AEB, which filed the class action, said Brazilian exporters took losses of 107.4 billion reais with the alleged manipulation of currencies by banks, according to the report. AEB's compensation calculations took into consideration that the association represents 20% of Brazilian exporters.

Among the banks included in the class action are Itau Unibanco Holding SA ITUB4.SA , Banco Santander Brasil SA SANB11.SA , HSBC (acquired by Banco Bradesco SA), Citigroup C.N and BNP Paribas BNPP.PA .

Citi declined to comment, adding its conduct complies with rules. Other banks did not immediately respond to a Reuters request for comments on the matter.

Compensations demanded by Brazilian exporters is another development of a global foreign exchange scandal which has led to billions of dollars in penalties for banks worldwide. Allegations of widespread manipulation in the spot foreign exchange market were first reported in 2013. ($1 = 5.0437 reais)
Reporting by Carolina Mandl Editing by Chizu Nomiyama

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