Sabadell Triumphs in London Lawsuit Against Cerberus

Spanish bank Sabadell secured a legal victory in London against Cerberus Capital Management over a property deal, being awarded over 405 million euros, including interest. The dispute centered around investment agreements, and the ruling is expected to benefit Sabadell financially with reduced non-performing loans and provisions.

In a significant legal win, Spanish bank Sabadell has prevailed in its lawsuit against Cerberus Capital Management over a contentious property deal, receiving an award of 405 million euros from London's High Court on Wednesday.

The case revolved around investment agreements signed in 2018 and 2019, with Sabadell claiming Cerberus was responsible for substantial payment obligations. Judge Andrew Baker ruled in favor of Sabadell, granting them roughly 358.5 million euros, plus interest amounting to about 47.4 million euros.

Sabadell expressed satisfaction with the court's decision, emphasizing its positive impact on the bank's balance sheet through lower non-performing loans and enhanced financial coverage. Cerberus has yet to issue a response regarding the judgment.

(With inputs from agencies.)