CVM acquits former IRB Brasil Re executives of market manipulation and governance charges

The Brazilian Securities and Exchange Commission (CVM) board acquitted former CEO José Carlos Cardoso and former CFO Fernando Passos of charges including market manipulation, selective disclosure, and irregular bonus approvals. The ruling concludes a multi-year legal process involving alleged financial irregularities at the reinsurer between 2019 and 2020. The acquittal removes lingering legal uncertainty regarding the company's past governance failures.