Banco Popular bondholders turn US spotlight on Santander

Discovery application could shift compensation focus to the buyer instead of the SRB

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Two of the largest bondholders of Spain’s failed Banco Popular – Pimco and Anchorage Capital – have filed a Section 1782 discovery application with a New York district court against Santander, in an attempt to gain access to key documents that informed its purchase of Popular for €1 in June 2017. Lawyers say evidence could be discovered showing the competitive bidding process for Popular was undermined by European Union and Spanish resolution authorities.

A potential smoking gun for Popular

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