Bankia launched a campaign to sell share options to small investors. Its Initial Public Offering (IPO) filings contained “serious inaccuracies” regarding the true state of the lender’s finances at the time of its stock market launch. Bankia had to be taken over by the government’s Orderly Bank Restructuring Fund (FROB) in May 2012, less than a year after listing on the stock exchange.
The Supreme Court ruled that Bankia had to return the money spent on its shares. Bankia offered any retail investors who acquired shares during the bank’s IPO in 2011 the opportunity to fully recoup their investments quickly and easily, without having to meet any other condition and at no cost and without recourse to legal proceedings or out-of-court settlements.