The Spanish Supreme Court has decided that shareholders harmed by the failure of Banco Popular who withdraw their appeal do not have to pay the costs of the legal proceedings.
People who became shareholders of Banco Popular in May 2016, following the bankruptcy of the bank, sued in court because they considered that the accounts presented by Banco Popular did not reflect reality.
Thousands of courts ruled in favour of the shareholders, condemning Santander, Banco Popular's successor bank, to compensate them for their losses.
However, the Court of Justice of the European Union decided on 5 May 2022 that shareholders cannot reclaim their losses.
Following this ruling, many shareholders withdrew their appeals, but had to pay the bank the costs of the proceedings. But on 7 February, the Spanish Supreme Court decided that shareholders should not have to pay the costs because the European decision is recent. Read more.
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