Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: December 12, 2016
Context: The filing discloses a relevant event regarding a class action lawsuit filed against the company and its subsidiary, Macro Fondos S.A., with the Argentine Securities Exchange Commission (CNV).
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a legal contingency and does not contain financial statement data.
Material Changes
No material changes to financial performance or operations are reported in this filing. The document serves solely to notify the SEC of a new legal proceeding.
Guidance, Outlook, Risks, and Contingencies
Legal Contingency
- Case: "Asociación por la Defensa de Usuarios y Consumidores – ADUC- vs Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. et al." (Court File # 37550/2015).
- Plaintiff's Claim: Alleges liability for the reduction in value of fund quotas due to the application of CNV Resolution 646/2015, which mandated valuing certain foreign currency assets at the seller exchange rate rather than per Fund Management Rules.
- Relief Sought: Partial restitution of fees charged prior to the resolution's effective date and total value recomposition of affected quotas.
- Status: Pending before the National Court of First Instance in Commercial Matters No. 3.
Management Commentary
Management assesses the probability of an unfavorable decision as low. Furthermore, the company states that even in the event of an unfavorable outcome, the impact on its financial position would not be significant.
Investor Verification Checklist
- Verify the current status of Court File # 37550/2015 in Argentine commercial courts.
- Review the specific provisions of CNV Resolution 646/2015 to understand the valuation dispute.
- Confirm the total number of affected fund quotas and the aggregate value of fees potentially subject to restitution.
- Monitor future filings for updates on the litigation outcome or changes in management's assessment of financial impact.