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Endless Martyrdom of Banco Popular Shareholders

The Court of Justice of the European Union (CJEU) ruled on Thursday that Popular’s shareholders have no right to claim…

By admin , in news , at May 8, 2022

The Court of Justice of the European Union (CJEU) ruled on Thursday that Popular’s shareholders have no right to claim for false information given to them in the bank’s capital growth brochure, which was later dissolved. The entity estimates that guaranteeing the stability of the banking system dominates over the protection of consumers. In its day it was calculated that a negative decision could mean between 1,788 and 3,453 million euros. SantanderWhich Popular bought in 2017 for one euro.

The punishment is a jug of cold water for those who had hopes in this area; For example, Carlos. He had invested 60,000 euros in popular stocks and already considers them a loser. “We hope not to pay the cost. We won at first, but Santander appealed and now everything was closed and awaiting sentencing Twenty, You feel utter despair. This is a way to cheat the consumers”, he explains. It remains for him, like the other affected, to attempt to demonstrate that he would have received an amount if the entity had been dissolved by the normal bankruptcy process. Expert Lawyers Prefer Oscar Round They regret that proving this would require technical expert evidence that is difficult for a person to access.

Redondo, however, recalls that criminal and administrative channels remain open to shareholders. from his office, Crematorium and Calvo Sotello, representing 6,000 shareholders with shares in both channels. Those are the biggest personal allegations.

The criminal complaint is directed against the last Chairman of Banco Popular (Emilio Saracho) and those who may be involved in potentially improper administration of the institution. Redondo recalls that the experts bank of spain On January 1, 2017 ruled that the bank was solvent. However, it was intervened on June 6. Shareholders watched as their money vanished, while Santander kept the popular for one euro. “There was panic in the stock market and nothing was done. The business plan was not executed; That of the previous president was rejected. No assets were sold,” explains Redondo. Saracho developed no credible business plan that could get the bank back on its feet and thus respond to shareholder investments.

Also Holds a Sue for Cremades administrative route Against insufficient resolution on the popular of single resolution mechanism. If it is proved that it is not in accordance with the law, it will result in compensation to the shareholders.

Redondo remarks that investigation of criminal proceedings It is expected to end at the end of June, although the judge may extend it, and then the oral trial will open. Many shareholders still have time to know what will happen to the money they invest. At present, almost five years have passed since the bank was intervened.