British Supreme Court rejects Goldman Sachs appeal vs Novo Banco
LISBON, July 4 (Reuters) - Britain’s Supreme Court has dismissed an appeal by Goldman Sachs against Portugal’s Novo Banco over a $835 million loan to bankrupt Banco Espirito Santo (BES), the court said on Wednesday.
The loan was extended to BES in 2014, shortly before the bank went bankrupt under the weight of the debts of its founding family, and Goldman has sought compensation from Novo Banco, which took over the healthy operations of BES.
Britain’s Supreme Court said it unanimously rejected the appeal, even though the original loan agreement was governed by English law.