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Spanish consumer group files lawsuit in European Court of Justice over Popular

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Spanish consumer group files lawsuit in European Court of Justice over Popular

Spanish consumer group OCU said Aug. 8 that it filed a complaint in the European Court of Justice against the resolution of Banco Popular Español SA and subsequent sale to Banco Santander SA.

The complaint is against the Single Resolution Board, which supervises the winding down of banks in difficulty, and aims to have Popular's sale annulled. It joins several other complaints filed at the European Court of Justice by disgruntled Popular investors.

The OCU has also lodged complaints in Spain.

Popular was sold to Santander for €1 on June 7 after European authorities said it was "failing or likely to fail."