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BlackRock, PIMCO sue Portuguese central bank to recoup investments in Novo Banco

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BlackRock, PIMCO sue Portuguese central bank to recoup investments in Novo Banco

BlackRock Inc.and Pacific Investment ManagementCo. LLC are among 14 asset managers that have filed a lawsuitagainst the Portuguese central bank in a bid to recoup investments inNovo Banco SA thatwere written down at the end of 2015, the FinancialTimes reported April 4.

PioneerInvestment Management Inc. and TwentyFour Asset Management are alsopart of the investor group that filed the lawsuit, which claims the Portuguesecentral bank violated key principles, according to the report.

The Portuguese central bank's in August 2014 atBanco Espírito Santo SAresulted in the creationof a good bank called Novo Banco, and a bad bank. Novo Banco's financialsituation has been negatively affected since its creation by losses to and originated atformer Banco Espírito Santo.