ATM, the Portuguese Investors Association and member of BETTER FINANCE, is finalising a class action aimed at holding the Portuguese State responsible for Banco Espirito Santo’ losses and seeking redress for damages with consequent compensation for investors.
All ATM members (or associate members of SEFIN – the Portuguese Association of Users and Consumers of Financial Products and Services – as well as the members of any European member organization of BETTER FINANCE - the European Federation of Financial Services Users) who have shown interest in joining ATM in this action may participate in it. For this purpose, it is requested that they fill in, sign and send the attached proxy by registered mail and by e-mail.
Advocacy and legal work provided by the M.I Law Firm (the firm in charge of the class action) is provided pro bono to all ATM members and associated members with less than 138 thousand euros invested in BES' shares and non-subordinated bonds.
Since it is a class action, there will be no "preparation costs" or other court/legal fees.
Proxies from member organizations from other countries than Portugal should be submitted by Wednesday 22 October, date from which the court will not accept more claimants. Proxies should first be sent by email and by registered post to ATM , Av Praia da Vitoria, nº 48, 2º Dto, 1050-184,Lisboa, Portugal afterwards.
This class action does not endanger the class action filed against BES and BESI's administration, which is being studied by M.I.'s lawyers (Dr Patricia DuarTe and Rita Cardoso), and is not linked to any other initiative by BES' small shareholders independent from ATM.
This class action follows the launch of a public petition, to which the Portuguese government was given until 14 October to reply in order to approve or reject the proposals set out in the petition for the protection of BES' small investors following the Portuguese government's intervention and creation of Novo Banco.
ATM stresses that it made a real effort to favour an out-of-court approach in order to avoid undermining the trust retail investors place in the Portuguese State.
Please find the proxy here. For further information, please visit ATM's website (in Portuguese) or contact BETTER FINANCE's office.