Bankia has already returned 1,200 million in compensation for the IPO – Investing.com Spain

MADRID (Reuters) – The BFA-Bankia group said Thursday it has returned 1,200 million euros to retail investors as compensation for the IPO of Bankia (MC in July 2011 the courts considered irregular.

to this figure, once within three months the bank opened to voluntarily return the investment ended yesterday, about 30,000 procedures in judicial proceedings for approximately 400 million euros is added.

the group said the returned amount, 135,000 cases have been resolved through the procedure launched by Bankia on 18 February, which have returned more than 700 million euros, while the rest, about 55,000 cases come from settlements of lawsuits.

“Bankia maintains its strategy of putting an end to the legal proceedings as soon as possible to avoid unnecessary costs and delays, either reaching agreements with law firms or submitting written to allow terminate processes running. This strategy has so far preventing or ending in advance more than 13,000 lawsuits, “the company said in a press release.

The nationalized group BFA-Bankia gave in 2014 and 2015 provisions amount of 1.840 million euros to deal with this contingency, which also returns entail payment not yet determined interest and costs linked to processes.

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