Banco Sabadell is to avoid a hefty payment towards bail for eight former executives of the now defunct bank CAM following a ruling by a judge reducing the amount to €25.6m ($29m), a fraction of the €1.8bn ($1.6bn) originally ordered. The judge had originally said the bank was partly responsible for covering the bail as it had bought CAM in 2011 for a single euro after it was bailed out with state funds; however, following a petition by Sabadell, Judge Carmen Lamela said the previous bail set was an error and revised the sum.
Banco Sabadell is to avoid a hefty payment towards bail for eight former executives of the now defunct bank CAM following a ruling by a judge reducing the amount to €25.6m ($29m), a fraction of the €1.6bn ($1.8bn) originally ordered. The judge had originally said the bank was partly responsible for covering the bail as it had bought CAM in 2011 for a single euro after it was bailed out with state funds; however, following a petition by Sabadell, Judge Carmen Lamela said the previous bail set was an error and revised the sum.