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Crédit Agricole files 1000 million euro lawsuits against Salgado, Morais Pires and Rio FortePhoto by Marta Zwierzchoniewska on Pexels
Business

Crédit Agricole files 1000 million euro lawsuits against Salgado, Morais Pires and Rio Forte

Público2 September 2026 at 15:28

Crédit Agricole, the former second largest shareholder of Banco Espírito Santo, filed lawsuits in July against Ricardo Salgado, José Manuel Rosalino Morais Pires and the holding company Rio Forte, for a total amount of 1000 million euros. The lawsuits were filed jointly with insurer Predica.

These lawsuits come 12 years after the resolution applied to BES in 2014, a process that resulted in significant losses for the Crédit Agricole group, which held a substantial shareholder position in the Portuguese bank.

Ricardo Salgado, former chairman of Grupo Espírito Santo, and José Manuel Rosalino Morais Pires, former executive director, are individually named in these lawsuits, alongside the holding company Rio Forte, which is also listed as a defendant.

The resolution process of BES, which culminated in its collapse in 2014, constituted one of the biggest financial scandals in Portugal, affecting thousands of investors and leading to multiple legal consequences for the main responsible parties for the bank's management.

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