Pérez-Llorca and Fideres Analyze Securities Litigation Risks
Pérez-Llorca organized a seminar on securities litigation, addressing the economic and legal foundations of such cases from both Spanish and comparative law perspectives. The session featured Fernando Bedoya and Javier Tarjuelo, partner and lawyer in Litigation and Arbitration at the law firm, Teresa Méndez, partner in Commercial Law, and Alberto Thomas, founding partner of Fideres Partners.
Moderating the session, Fernando Bedoya highlighted the nascent yet growing practice of securities litigation in Spain, emphasizing the opportunities and risks for investors and listed companies. Bedoya noted, “The sophistication of the Spanish market will lead to an increase in these litigations in the future.”
From an economic standpoint, Alberto Thomas discussed the main types of cases: takeover bids and the dissemination of false market information. Thomas examined global precedents, focusing on market efficiency and transparency, and noted the increasing involvement of institutional investors in securities litigation to meet fiduciary and ESG obligations.
Teresa Méndez addressed the legal aspects of takeover bids in Spain, underscoring the CNMV’s role in approving offer prices to shareholders and the resulting administrative litigation. She explained the pricing requirements for various types of takeover bids and the active legal standing of claimants using swaps.
The session concluded with Thomas providing an economic perspective on damage calculations in securities litigation, and Méndez discussing strategies to minimize litigation risk.
