EU facing 51 lawsuits worth BILLIONS of pounds for shutting down Spanish bank

EU facing 51 lawsuits worth BILLIONS of pounds for shutting down Spanish bank
 

Disgruntled investors have filed the lawsuits against the bloc’s regulations for forcing the sale of Banco Popular in June, losing shareholders and junior bondholders about £4.44billion.
The deluge of cases, filed with the EU's General Court, are the first legal test of how the EU applies new bank rules aimed at forcing investors to bear the costs of rescuing a failing lender before taxpayer money is used.
European authorities intervened following a run on the bank and a sale was hastily organised after the European Central Bank determined the lender was likely to fail.
The EU’s regulation... read more

 
30 August 2017 in World News, Views: 47
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