Banco Master hired law firm tied to minister Alexandre de Moraes to secure RPPS funding

In July 2024, Banco Master engaged the Barci de Moraes law firm—run by the wife of Supreme Court Justice Alexandre de Moraes—to obtain a legal opinion on the risks of attracting resources from Brazil's Regimes Próprios de Previdência Social (RPPS). The opinion concluded that the bank met formal regulatory criteria to receive RPPS investments but warned of potential corruption, conflicts of interest and governance shortcomings.

Following the opinion, Banco Master presented the document to accredited pension entities and raised roughly R$568.4 million from RPPS through financial letters between July and August 2024. Federal Police investigations have uncovered related operations, including a R$3.6 billion inflow from Rio de Janeiro’s pension fund (Rioprevidência) and a contract with the law firm valued at about R$129 million. Authorities are probing whether the involvement of a minister’s family members created undue influence, though no evidence has shown the minister himself participated in the advice or pressured pension funds.

The case has heightened public scrutiny of the bank’s governance and the broader use of public pension assets, prompting multiple police raids and seizures aimed at clarifying the application of RPPS funds and any possible misconduct.