National Bank wins Ricomex appeal

The Supreme Court on Friday upheld an appeal by National Bank of Greece against an earlier court ruling that gave priority to compensation for the relatives of the victims of 39 people killed when the Athens Ricomex factory collapsed during an earthquake in September 1999.

NBG argued in its appeal that it, as a former creditor to Ricomex, should also get compensation for its losses. Despite the fact that two properties belonging to Ricomex were auctioned off to raise the compensation for the relatives, no damages have been paid out to date.