BES shareholders based in Portugal have joined their Spanish counterparts in a joint legal action against those they see as responsible for their impoverishment.
The two groups signed a memorandum of cooperation for joint legal representation and have appointed specialist lawyers Raposo Subtil e Associados.
The associations through their lawyer "intend to focus all their efforts on an assertive and effective defence of their 800+ members, all small shareholders of Banco Espirito Santo SA."
These shareholders consider themselves "severely injured by the action of those agents who had a part in the chain of events that culminated in the resolution plan applied to BES, and whose willful and negligent actions contributed to the worsening economic situation at the bank."
The groups’ lawyers will "move forward with several judicial initiatives in addition to the class action that already is underway, for the annulment of the resolution plan, as well as other compensatory initiatives against the agents; these already are being prepared."
The Portuguese movement has 300 members, the Spanish one has over 500.
In addition to the legal action planned to deconstruct last August’s resolution, when BES was divided into good bank/bad bank, consumer organisation DECO is representing BES shareholders and is to take legal action against the Bank of Portugal and the stock market regulator CMVM on behalf of over 2,000 small shareholders in Banco Espírito Santo.
DECO is to claim compensation for the financial damage caused to Banco Espírito Santo customers who were not warned of the true state of affairs at BES and associated group companies.
