THE SUPREME CANCELS THE PURCHASE OF SHARES OF BANKIA IN ITS IPO FOR DECEPTION - Berger & Dozet
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THE SUPREME CANCELS THE PURCHASE OF SHARES OF BANKIA IN ITS IPO FOR DECEPTION

THE SUPREME CANCELS THE PURCHASE OF SHARES OF BANKIA IN ITS IPO FOR DECEPTION

Bank The Supreme Court dismissed appeals by Bankia against two judgments decreed the invalidity of contracts for the obtain of shares issued by the firm, due to the fact there was error consent to be discrepancy between the figures of the prospectus for the IPO, which took spot in July 2011,  and genuine.

 The judgment of the Civil Division of the Higher Court will force the financial institution to return the cash in two subscribers of its public supplying shares and paves the way for thousands of new claims. Also he rejected the pending criminal situation prior to the Higher Court can paralyze person claims civil.

 There are demands for subscription of shares against the company amounting to EUR 819.2 million of data to 20 last December, although Bankia has a provision to address the issue of 1,840 million euros, according púlblicos made by the entity.

In order to meet the payment of any compensation to shareholders, Bankia its parent, Banco Financiero y de Ahorros (BFA) announced in December improved funding for court instances of much more than 1,000 million euros to 1,840 million, which deal with lawsuits totaling about 820.

The plaintiffs were two couples who invested 9,997 euros respectively and 20,868 euros in shares. The Provincial Courts considered proven that information reflected in the public offering “was incorrect and inveraz in relevant aspects” and gave appearance of solvency that did not correspond with reality.

According to the two courts, that fact is also independent of criminal qualification to be given to those facts or authorship ailment that those found responsible.

The decision confirms that there was an error on the consent of the purchasers due to serious inaccuracies in the prospectus of the tender offer. This statement may be key to the resolution of the “Bankia case” instructed in the National Court precisely because of irregularities in the IPO in 2011.

Berger & Dozet Lawyers advise you not to wait any longer, and to lay the corresponding claim, as the deadline for claiming as for the legal action entitling the repayment of amounts invested, is limited. We will charge our legal fees only in case of obtaining an estimative verdict (95% of court claims are estimated).

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