Spanish Collective Action organized against Bankia

FRT Admin
Site administrator
March 14, 2016

BankiaSpanish investors filed a collective action against the troubled Spanish banking company Bankia. The action is brought on their stock float in 2012 and so far 660 investors are part of the group collectively seeking $7 million. The number of investors is expected to grow as the case prevails.  Bankia formed in 2010 and was a consolidation of several regional banks. During the consolidation, they allegedly transferred troubled loans to a separate government-controlled holding company. Bankia then went public in July of 2011, and shortly after in early 2012, they required a government bailout and restructure causing the stock to drop significantly. The allegations are against the directors and officers for misleading investors by not disclosing all information about their IPO.

Before the collective action was brought to the court, two different investors filed lawsuits against Bankia’s IPO and successfully recovered money. Even though this action doesn’t represent the entirety of a class action in the U.S., it is becoming more obvious that group actions continue to grow, appearing in different jurisdictions. As these non-U.S. actions become more prevalent, it will be interesting to see how other jurisdictions introduce and regulate class actions.

To learn more about the collective action filed in Spain, click here.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.