Spanish electricity company Iberdrola files lawsuit against state-owned Bankia

ELECTRICITY firm Iberdrola has filed a lawsuit against state-owned Bankia over losses it suffered when the bank collapsed.

In total Iberdrola is seeking €12.4 million in compensation for losses on its €70 million investment.

The Spanish state still owns 64% of Bankia, which will be fully privatised by the end of 2017.

So far, Bankia has paid out €1.2 billion to retail investors and expects €400 million more in claims.

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Rob Horgan

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