Brazilian Chamber probes near‑R$1 bn loss in Postalis pension fund managed by BNY Mellon

A public hearing was scheduled by the Labour Commission of Brazil’s Chamber of Deputies to examine the almost R$1 billion shortfall in the Postalis pension fund that was linked to the management activities of U.S. bank BNY Mellon. The bank had been hired to oversee part of the fund’s investments, but its actions have come under scrutiny by the Federal Court of Auditors (TCU) and the Federal Public Ministry. Former BNY Mellon executives were condemned by the TCU for the deficit.

Deputy Luiz Carlos Motta (PL‑SP) requested the hearing to assess responsibility, discuss reparations for the affected workers, and propose safeguards to prevent future mismanagement. The loss jeopardizes the actuarial balance of the pension scheme for thousands of active employees, retirees and beneficiaries who rely on Postalis for retirement security.