In a decision that could affect tens of thousands of investors in Spain, the Supreme Court has ruled that Spanish lender Bankia has to reimburse two plaintiffs who invested €9,997 and €20,868 respectively when the bank was floated. This will probably pave the way for other investors who lost money on their investments to pursue legal action. The ruling is based on the fact that the prospectus advertising the bank’s stock market launch contained “serious inaccuracies” regarding the true state of the lender’s finances.
BETTER FINANCE’s Spanish member organisation AEMEC, through the firm Cremades & Calvo-Sotelo, is defending hundreds of shareholders in the Bankia case. The Supreme Court’s decision creates an opportunity for more than 270.000 investors and shareholders who have not yet claimed the restitution of their investment. AEMEC invites European investors who seek to file a claim and obtain compensation to write to accionistasbankia(at)aemec.com.
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