Ten years after Meliá Hotels invested one million euros in the IPO of Bankia, now in the hands of CaixaBank, the Civil Chamber of the Supreme Court has ruled in favor of it as an institutional investor and recognizes its right to be compensated with the money . that he invested , plus interest. Specifically, just over one million three hundred thousand euros that he will recover. The ruling defines the hotel chain as an institutional investor and declares the nullity due to error of the consent to the acquisition of Bankia shares, for an amount of 999,997.50 euros. Sentence 962/2022, of December 19, notified on the eve of Christmas Eve to the parties, of which Judge Pedro José Vela Torres was the speaker , closes another story of an institutional investor compensated for not being adequately informed . The ruling revokes the rulings of the Provincial Court of Madrid and the Court of First Instance No. 62 of Madrid where the claims of Meliá Hoteles as an institutional investor were rejected.
In this way, the TS follows the theses of the CJEU that resolved a preliminary question raised by the Civil Chamber itself in response to the claim of the mutual company UMAS for said listing. In that June 2021 ruling, the Luxembourg Court pointed out Phone Number List the right of institutional investors to be compensated for the irregularities of the aforementioned IPO. In recent months, and as a result of this consultation with the CJEU, the rulings of the Supreme Court have supported the companies' theses. Thus, CaixaBank has had to compensate entities such as UMAS , in a Plenary ruling of December 21, Porcelanosa was compensated , half a million euros, achieved in April 2022 and the construction company Roycasa in March of that year for 600,000 euros. "Through the IPO in July 2011, Bankia raised 3,092 million euros." (Photo: El Español) Previously, in July 2020, in an order dated July 1, the Supreme Court declared final a ruling from the Provincial Court of Álava that ruled in favor of the company Retos Operativos XXI, owned by the Basque businessman, Juan Luis Arregui, rejecting two appeals .
presented by Bankia. By rejecting them, they forced the bank chaired by José Ignacio Goirigolzarri to return 3.5 million euros to the institutional investor. Through its IPO in July 2011, Bankia raised 3,092 million euros , of which 1,237 million euros corresponded to institutional investors, and 1,855 million euros to retail investors. For this matter, the legal management of Meliá Hotels chose the Fieldfisher firm in Spain , initially Fieldfisher Jausas , with a team formed by the lawyer and partner Pablo Franquet , an expert lawyer in cassation before the TS, who have accompanied the company in this decade-long court battle. The choice of this firm was based on the experience of these lawyers in claiming different financial matters from investors in recent years. In fact, this firm is also the legal representative of some retail investors , who have recovered their money, and other professionals, specifically a couple of SICAVS, pending judicial resolution.