Lisbon to take JPMorgan and Santander to court over ‘toxic’ sales

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Series Details 28.04.13
Publication Date 28/04/2013
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Article reported that the Portuguese government was to take court action in the spring of 2013 against JPMorgan and Spain’s Banco Santander over what it said were 'toxic' derivatives sold to public sector companies.

The move was part of a government effort to stem potential losses of up to €3bn from complex hedging products.

The allegations in Portugal were similar to cases in Italy, where a court convicted banks of mis-selling derivatives, and the UK, where the 'big four' banks were ordered to review their selling of interest-rate swap contracts.

The Portuguese government was said to have come to settlements with other banks.

Related Links
Reuters, 26.04.13: Portugal to challenge JPMorgan, Santander swaps in court

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