FRANKFURT (Reuters) – The European Central Bank is facing two lawsuits over its handling of the failure of Spanish lender Banco Popular, which saw investors lose billions of euros while taxpayers and depositors were protected.
The two cases, published on the European Court of Justice’s website, were filed by Popular’s minority shareholders and Spanish firm La Guirigaña against the ECB and the Single Resolution Board, the body that disposes of large banks in the European Union.
Deluge - Lawsuits - SRB - Commission - ECB
They add to a deluge of lawsuits filed against the SRB and the European Commission, dragging the ECB, as the euro zone’s top bank supervisor, into a legal dispute that will test the EU’s resolve in applying new rules aimed at shielding taxpayers from bailing out banks.
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