Banco Popular bondholders turn US spotlight on Santander
Discovery application could shift compensation focus to the buyer instead of the SRB
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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