February 9, 2018 / 10:13 AM / 15 days ago

Burnt Banco Popular's investors contest "flawed" valuation

FRANKFURT, Feb 9 (Reuters) - The sub-zero valuation used by European authorities when auctioning off Spain’s failing Banco Popular last year was “flawed” and casts a shadow over the process, a law firm representing some disgruntled investors in the bank claimed on Friday.

The EU’s Single Resolution Board (SRB) published a heavily redacted version of its valuation report last week, in which it said Banco Popular (BP) was likely to have a negative value of 2 billion euros less than zero.

“The flawed valuation of BP raises fundamental questions about the validity of every step taken by the SRB in this so-called ‘textbook’ resolution process,” Richard East, lead partner of law firm Quinn Emanuel said in a position paper. (Reporting By Francesco Canepa; Editing by Balazs Koranyi)

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