Wednesday, June 14, 2017
There is expected to be a rise in claims to Banco Santander for losses to investors and shareholders. The evidence required for these claims will vary from case to case.
For instance, the investors who participated in the 2016 capital increase can claim against the bank for losses due to the misleading nature of the information contained in the advertising leaflet, among other reasons.
Other more general, but no less legitimate, grounds for a claim could be that the economic and financial reality of the bank was not duly reflected in the bank's annual report. This argument could be used by long-term shareholders, and also by the new shareholders who had subscribed to the recent capital increases. To this effect, Banco Popular reported an accounting error of 600 million euros in the annual accounts for 2016 to the Spanish National Securities Market Commission.
Both civil or criminal liability actions may be brought against the bank.
It is a sad outcome for what was, in 1989, the most profitable bank in the world, and one of the most financially solvent until quite recently.
