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Report: Mexican investors launch US court proceedings over Popular's resolution

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Report: Mexican investors launch US court proceedings over Popular's resolution

A group of investors led by Mexican billionaire Antonio del Valle has launched proceedings at a court in New York in a bid to access documents and communications relating to Banco Popular Español SA's sale to Banco Santander SA in June 2017, the Financial Times reported March 6.

The Mexican investors group's €600 million of shares in Popular, or 4% of the bank, were wiped out due to the lender's resolution, the FT said. The move comes as only a redacted version of a report by auditor Deloitte about Popular's valuation has been released so far. Bondholders contesting the sale had said the valuation process was "inherently and substantially flawed."

The Mexican group has also reportedly launched proceedings against the Spanish government, citing a 2006 investment treaty between Mexico and Spain and the role of the Spanish government in Popular's failure.