Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: February 3, 2017
Context: The filing discloses a relevant event regarding a pending class action lawsuit filed with the Argentine Securities Exchange Commission (CNV).
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document is a disclosure of a legal contingency only.
Material Changes
No material changes to financial performance or operations are reported in this document. The filing solely addresses the initiation of a legal proceeding.
Guidance, Outlook, Risks, and Contingencies
Legal Contingency
- Case: "CENTRO DE ORIENTACIÓN DEFENSA Y EDUCACIÓN DEL CONSUMIDOR (CODEC) vs BANCO MACRO for ANNULMENT OF AGREEMENT".
- Venue: Court on Civil and Commercial Matters No. 21 in La Plata.
- Claim: The plaintiff seeks the invalidity of fees charged to credit card customers for payments made via external channels, cessation of such fees, reimbursement of amounts charged, and a civil fine under the Consumer Protection Act No. 24240.
- Amount: The amount claimed is undetermined.
- Management Assessment: The Bank is analyzing the complaint. Management states that even in the event of an unfavorable decision, it shall not have a material effect on the Bank's assets.
Investor Verification Checklist
- Verify the current status of the class action lawsuit in the La Plata courts.
- Confirm the specific segment of credit card customers affected by the external channel fee dispute.
- Review subsequent filings to ensure the "undetermined" claim amount has not been quantified or updated.
- Monitor for any changes in management's assessment regarding the potential materiality of the outcome.