FIELDFISHER JAUSAS has joined RAMCO LITIGATION FUNDING to fund the lawsuits against Banco Santander for losses suffered by investors due to the acquisition of Banco Popular and the misrepresentation of the information provided in the 2016 capital extension.
According to Fieldfisher JAUSAS partner, Jordi Ruiz de Villa, “this agreement is very positive because it not only benefits retail investors who purchased financial instruments after the 2016 capital expansion but also those who bought previously”, adding that “after two years of research in the Banco Popular case, the evidence we have obtained is very favourable to both retail and professional investors.”
For her part, Cristina Soler, a partner of Ramco Litigation Funding explains that “retail and professional investors lost very high amounts in the Banco Popular case. Litigation funding will allow the aforementioned investors to recover their losses at no cost to them. We are delighted to partner with FIELDFISHER JAUSAS and take a further step to consolidate the funding of litigation in Spain”.
Collaboration between FIELDFISHER JAUSAS and RAMCO also supports litigation funding of professional and institutional investors, with prior case-to-case feasibility analysis.
The minimum amount of losses incurred to access the funding is €300,000.
Through the litigation financing system, the investor does not have to assume any legal costs (attorney, representative, loss and risk of costs) in exchange for a percentage of compensation that could be obtained thanks to the process.
Funding is subject to a minimum of investors interested in financing the claim amounting to €150 million, but FIELDFISHER JAUSAS expects to reach a total of €250 million. According to Jordi Ruiz de Villa “if the maximum amount expected is reached, this will likely be the largest case of judicial claims against a bank led by a single law firm in Spain.”
The deadline for signing a reservation is 15 November, 2019.
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