The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Aggrieved Banco Popular bondholders train their sights on Banco Santander

Pimco and Anchorage subpoena the Spanish bank for information to support their case in the EU General Court and criminal proceedings in Madrid.

Subordinated bondholders that were bailed-in as part of the ‘textbook’ resolution of Banco Popular last summer have opened up a new front in their legal efforts to either get the decision annulled or, failing that, get compensation for their losses.

Two groups of investors have now made court filings in New York seeking information from the purchaser of the stricken bank – Banco Santander.

Santander_building_free-160x186

It was perhaps only a matter of time before the bailed-in investors decided to go down this route. As the sole owner of Banco Popular, Santander was an active and central participant in the resolution process and, in their view, must be in possession of documents and information that are very pertinent to understanding the basis on which the resolution was ordered by the Single Resolution Board (SRB).

Bondholders Pimco and Anchorage Capital have, therefore, made a court filing in New York seeking to obtain documents and information from Banco Santander pertaining to the purchase of Banco Popular for €1 in June 2017. 

The filing was made on April 3, as a Section 1782 discovery application.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree