Banco Santos bankruptcy and related legal disputes

The legal and financial fallout surrounding the Banco Santos bankruptcy and related assets has intensified through various judicial disputes.

In one development, a recording surfaced involving Paulo Furtado de Oliveira Filho, the judge overseeing the Banco Santos bankruptcy in São Paulo. The audio, recorded in August 2024, allegedly depicts the judge suggesting a settlement where the heirs of the late Edemar Cid Ferreira would sell their interests to Banco Master. Legal experts have labeled the meeting irregular because it occurred without the presence of the Public Ministry or the heirs’ lawyers. The National Council of Justice (CNJ) has suspended the bankruptcy process to investigate these potential irregularities, though Judge Furtado has denied any wrongdoing.

Concurrently, Grupo João Santos is engaged in a legal battle to recover R$ 2.2 billion. The conglomerate is attempting to annul the sale of court-ordered debts, or precatórios, which were sold between 2019 and 2020 for R$ 180 million despite being valued at approximately R$ 1 billion at the time. The group alleges that only R$ 30 million was deposited into their accounts and that the remaining funds were transferred to Swiss accounts via Banco Master. In September 2025, the Federal Court of Pernambuco recognized fraud in the alienation of these assets and blocked the titles.