EU Court approves dissolution of Banco Popular and refuses to return money to shareholders

The General Court of the European Union (TGUE) approved this Wednesday disintegration popular bank after completely rejecting the objections made by the shareholders against the decision of the banking institution in 2017 and transferred to the bank of Santander for one euro, for which he refused to return money from the shares, a compensation to the plaintiffs.

The ruling of the supreme European court, where appeal is possible, argues that the Single Decision Board (SRB) and the European Commission “did not make a clear error of assessment” while considering that Banco Popular “is in great difficulty or likely will.”

Therefore, he points out that the liquidation has taken place. Banco Popular is “valid” and “whatever”, regardless of the reasons that put the bank in a difficult position.

Source: Informacion

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