Novagalicia, Bankia and to a lesser extent CataluynaCaixa are scared of a wave of private investors who are taking legal action against the banks after purchasing preferential shares that turned out to be a different product than what they expected. Up until now, the banks have received 3,065 court orders in Galicia, only 26% of which have been recognized by the authorities.
The reduced level of resources, surely paid for by the Xunta, makes us consider that the majority of the minority shareholders that went to the offices of the old Galician savings banks knew very well what kind of products they were buying and, therefore, won't resort to legal action in order to try and recapture their money. Their only recourse is to cut their losses like any other investor on the stock market.
