Bankia 'could face legal action from investors'

31 December 2012

Bankia is set to face legal action from people who have lost money after investing in the ailing company prior to its international bailout.

According to Reuters, some 350,000 savers will see the funds they have stored in the state-rescued financier wiped out and are therefore likely to seek compensation individually through redress in court.

It is thought that a full official enquiry into the campaign to sell shares in Bankia before its floatation on the stock market in 2011 could take place, but many individuals are not willing to wait for the conclusion of this process.

However, Juan Carlos Rodriguez of Analistas Socio Politicos told the news source that an investigation may not take place at all, as "no-one has anything to gain" politically by starting one.

Last Friday (28 December), news that losses on bad loans taken out by the organization had soured more than had been anticipated led shares in the struggling bank to a new record-low.

By Asim Shah

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