In a panel decision published on February 1st of this year, the Second Section of the Superior Court of Justice (Superior Tribunal de Justiça - STJ) confirmed the position already adopted in other precedents, according to which the Selic rate cannot be applied simultaneously with monetary correction.

The decision accepted in part the Motions for Clarification submitted by Brasil Telecom S.A. which objected to the panel decision that granted partial relief to Direct Appeal n. 1025298/RS.

When judging the Direct Appeal, Brasil Telecom S.A. was sentenced to indemnify another company, due to the failure to deliver the agreed shares. The sentence was set based on the share value on the Stock Exchange, added by the SELIC rate from the service of process and added by monetary correction from the auction on the date the court decision was res judicata.

In its appeal, the telecommunications company argued that it would not be possible to calculate delay interest from the date of the service of process, and also that the SELIC rate encompassed not only delay interest but also monetary correction, something that implies enrichment without cause of the indemnified company.

Justice Massami Uyeda (Reporter), uphold his opinion, which was defeated by a majority of votes, in view of the divergence pointed out by Justice Luis Felipe Salomão. The Superior Court of Justice had already announced decision to the effect that the SELIC rate already has a mixed nature, encompassing delay interest and monetary correction. Accordingly, it was decided that it would not be possible to decide for the application of SELIC and monetary correction.

The partial rejection of the Motion took place in connection with the initial term for the applicability of correction and interest, and it was decided that the delinquent interest is calculated from the date of the service of process.

(EDcl in Direct Appeal n. 1025298).