Conclusions investors affected Banco Popular
Eurojuris España, the Spanish Chapter of the Eurojuris International network of lawyers, has created a platform under Afectados Banco Popular for the investors affected by the sale of Banco Popular.
The objective of this platform is to receive the complaints from investors from all over Spain who were affected by the sale of Banco Popular in order to attend to and defend their interests.Eurojuris España, the Spanish Chapter of the Eurojuris International network of lawyers, has created a platform under Afectados Banco Popular.
The objective of this platform is to receive the complaints from investors from all over Spain who were affected by the sale of Banco Popular in order to attend to and defend their interests.The platform we will undertake several actions:
- We will provide free information and advice through the website and social media, as well as through specific lectures
- We will offer free individual counselling to each affected, studying his or her particular situation, advising on the possibility of taking individual and or collective actions
- We will undertake the necessary legal actions to defend investors
With regard to the means of claim, each affected party may choose, after advice from our lawyers, which is the most appropriate route according to their particular case. The election of the complaint procedure will depend on the number of securities purchased, the timing of the purchase of those securities as well as the specific circumstances of each investor.Legal actions to be undertaken by the platform.
Without prejudice to the judicial action that each affected investor may choose to take, the platform will take some preliminary legal actions:
- Collective criminal proceeding on behalf of the affected before the Spanish National Court
- Administrative collective claim on behalf of the affected against the Public Administration and the autonomous organizations (Ministry of Economy, FROB, Bank of Spain, CNMV, etc.)
- Extrajudicial claim against Banco Popular
Regarding judicial actions, each affected investor may choose one of the following procedures:
- The criminal procedure to join the proceeding and claim of the investment before the Spanish National court
- The civil-commercial procedure to initiate an individual action against Banco Popular
- The contentious-administrative appeal against supervisory authorities such as the Bank of Spain, the CNMV, the FROB and the Ministry of Economy.
The first and second options will be opened immediately, the third one in due course. Actions may be taken either individually or in a collective manner depending on the case. Each affected’s choice is limited to one single procedure. The amount to be claimed is the total capital invested.
Which is the most appropriate procedure?
- Criminal proceeding is recommended for amounts up to 30.000€. Although it is a longer procedure in time, it is cost-effective
- For invested amounts over 30.000€ we recommend the civil action. Although this procedure is more expensive, it’s the fastest
- The contentious-administrative appeal raises certain doubts based on the recent Bankia case