Spanish court rejects compensation for bank investors.
The Spanish National Court has ruled against paying shareholders and bondholders of Banco Popular. This decision follows a previous ruling by the European Court. The Supreme Court is the last place to appeal.
The National Court agreed with a previous decision by the European Court. The court said the process of Banco Popular being taken over by Santander followed the law. This means shareholders and bondholders will not receive money. Many people expected to be paid. The Supreme Court is the only place left to challenge this decision.
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Highlights
Court Rejects Compensation
The National Court of Spain ruled against paying shareholders and bondholders.
European Court Ruling Applied
The court followed a previous European Court’s decision.
Dissolution Complied with Law
The bank’s transfer to Santander met legal requirements.
No Compensation Possible
The court found no reason to pay out money.
Supreme Court Appeal Remains
The Supreme Court is the last chance to appeal.