Hedge Funds Betting Against Banco Espírito Santo in Line for Big Gains

WSJ – A handful of hedge funds may have made tens of millions of dollars on the collapse of troubled Portuguese lender Banco Espírito Santo.

One of the biggest funds to bet the bank’s shares would fall was Marshall Wace LLP, which initially made the wager on May 15, according to a filing with the Portuguese regulator. The shares were then trading at around 99 euro cents.

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