Investors to sue Portuguese central bank over asset writedown
Pimco and BlackRock lead bondholders in claiming Bank of Portugal violated law
Several asset management companies are bringing a lawsuit against the Bank of Portugal over its writedown of their holdings in the failed Banco Espirito Santo (BES).
The Portuguese central bank split BES in August 2014, transferring its viable assets to a ‘good bank’ named Novo Banco. The central bank kept BES as a ‘bad bank’ for distressed assets.
The companies bringing suit originally had their assets invested in Novo Banco until the central bank transferred them to the bad bank on December 29
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