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Taking Bankia to court.

Saturday, June 09, 2012 - 01:40

June 9 - Close to a thousand Bankia shareholders announced Saturday that are taking legal action against Bankia, Spain's fourth largest bank. Deborah Lutterbeck reports

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Taking Bankia to court. Close to a thousand Bankia shareholders announced Saturday that are taking legal action against Bankia, Spain's fourth largest bank. Bankia's investors have lost up to 60 percent of their investment after the bank announced in late May that it was seeking 19 billion euros in aid from the Spanish government. Some say they were lied to. (SOUNDBITE) (Spanish) BANKIA SHAREHOLDER, MANUEL PIZARRO, SAYING: "They called me and told me it was a good investment. The shares were under the average market price, so I thought it was a good investment and invested 18,000 euros. And now, after eight or nine months I feel ripped off. I think the information had been unclear about how the bank was doing." Others are more optimistic. (SOUNDBITE) (Spanish) BANKIA SHAREHOLDER, PEDRO LORENZO, SAYING: "I am optimistic. I think we will get out of it all right. A bailout for the banking system is probably necessary and good, but there is no need for a bailout on the country." Spain is expected to ask for help with recapitalising its banks this weekend, becoming the fourth country to seek assistance since Europe's debt crisis began. Deborah Lutterbeck, Reuters

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