The Spanish bank Bankia (Amsterdam: QU8.AS – News) announced Wednesday have repaid a total of 1,200 million euros to more than 190,000 small shareholders who participated in its failed IPO in 2011.
Bankia launched in February a device to compensate people who lost their money in this failed operation. Dee mode, hopes to end the numerous court cases looming over the entity.
Bankia said that 135,000 cases were resolved through this procedure, for 700 million euros. All other compensation were he decreed for justice, said Bankia in a statement.
The courts still handled about 30,000 cases “for approximately 400 million euros,” he added.
Born in late 2010 from the merger of seven savings banks, Bankia made his grand entrance on the Stock Exchange in July 2011, under the command of former director of the International Monetary Fund (IMF) and former Minister of Economy of the PP Rodrigo Rato, now the subject of numerous judicial investigations.
Less than a year later, his catastrophic situation forced the government to nationalize it. The share price collapsed, ruining thousands of small shareholders.
The Supreme Court ruled in late January that the information provided during its entry to bag contained “serious inaccuracies”, opening the way to the . compensation of 200,000 small shareholders
Bankia and its subsidiary, Banco Financiero y de Ahorro, provisioned 1.840 billion euros to address these claims (Other OTC: UBGXF – news).
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