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European Court of Justice admits Banco Popular shareholder suit

The European Court of Justice has admitted a complaint by a group of shareholders who represented around 6% of the troubled Banco Popular Español SA before its resolution in June, Expansión reported.

Popular was wound down by European authorities and then sold to Banco Santander SA for €1. According to the paper, the shareholder group has also undertaken legal action in Spain.

The group believes the best means of recuperating their investment is through the European court. The paper said members of the group were connected to Madrid-based investment firm Unión Europea de Inversiones, which is under liquidation following Popular's demise.

Banco Popular shareholders and bondholders lost their investments in the bank when European authorities intervened to avoid the lender's failure.