Investors to sue Portuguese central bank over asset write-down

Pimco and BlackRock lead bondholders in claiming the Bank of Portugal violated the law

Bank of Portugal: acted before January 1, when the SRM became fully operational in the eurozone

Several asset management companies are bringing a lawsuit against Banco de Portugal over its write-down of their holdings in the failed Banco Espirito Santo (BES).

The Portuguese central bank split BES in August 2014, transferring its viable assets to a ‘good bank’ named Novo Banco, while keeping BES as a ‘bad bank’ for distressed assets.

The companies bringing the suit originally had their assets invested in Novo Banco until the central bank transferred them to the bad bank on December 29

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