Bank customers head list of claimants

The judges of the First Civil Chamber of the High Court (Tribunal de Justiça) of the state of Minas Gerais have ratified the first instance decision in a bank failure case and ruled that former customers of Banco do Progresso SA, whose bankruptcy was ordered in October 1999, cannot be regarded as regular creditors and should be therefore given priority in the restitution process. Banco do Progresso SA was based in the city of Belo Horizonte in Minas Gerais, and had 33 branches nationwide.

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