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A Court Admits for Processing Sareb’s Lawsuit Against the Banks

The lawsuit, which has been admitted for processing by Madrid's Court of First Instance 33, involves CaixaBank, BBVA, Unicaja Banco, Abanca, Ibercaja and Sabadell.

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Sareb has filed a new lawsuit against its owner banks. Madrid’s Court nº33 has admitted the lawsuit filed by the bad bank against CaixaBank, BBVA, Unicaja Banco, Abanca, Ibercaja and Sabadell in relation to a zero clause agreed in 2015, according to El Confidencial.

This is a “declaratory legal claim”, which means that Sareb is not making any financial demands. Even so, if the courts rule in Sareb’s favour, the financial entities will have to pay up to 500 million euros. CaixaBank. BBVA, Unicaja and Abanca would have to pay several million each, whilst Ibercaja and Sabadell would be the least affected.

Read the full article in Spanish.

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