Brazil's meal voucher sector faces renewed legal uncertainty after a judge halts part of the government's new regulatory framework. The injunction applies only to companies in lobby group ABBT, including major market players such as Alelo, Ticket, VR and Pluxee.
Highlights
- Brazilian judge suspends new meal voucher rules for ABBT companies, blocking the 3.6% regulatory cap on merchant discount rates as of Monday.
- The injunction applies only to ABBT association members, including Alelo, Ticket, VR, and Pluxee, according to ABBT's website.
- The court ruling intensifies the legal dispute between the Brazilian government and the meal voucher industry over regulatory changes.
Injunction blocks fee cap for ABBT members
As reported by Reuters, a Brazilian judge suspends part of the new meal voucher rules for companies belonging to ABBT, a local industry lobby group, according to a court decision released on Monday.The ruling halts some provisions of the framework, including a 3.6% regulatory cap on merchant discount rates. The judge grants the injunction specifically to ABBT, and the decision states that the relief benefits only companies that are part of the association.
According to ABBT's website, the group's members include the main leaders in Brazil's meal voucher market, Alelo, Ticket, VR and Pluxee.
Dispute deepens between government and industry
The court decision extends an ongoing judicial dispute between the Brazilian government and the meal voucher sector over the new rules.The office of the Brazilian government's solicitor general does not immediately respond to a request for comment on the ruling.
Earlier, we reported that the Ibovespa fell on political and fiscal uncertainty, trading below key moving averages with bearish momentum.
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