Crédit Agricole Nord Sued by American Fund Demanding €5.1 Million

Arbiter holds more than one million of these securities, representing a stock market value exceeding €30 million. The fund particularly contests the conditions reserved for minority investors, while Crédit Agricole SA had obtained, in 2016, the repurchase of its own CCIs at 105% of their net accounting assets, as part of the group's reorganization operation called Eurêka. The American manager also reproaches the regional bank for having issued new social shares in 2024 without corresponding issuance of CCIs, resulting according to him in a dilution of holders. He is seeking the issuance of approximately 500,000 additional certificates as well as a repurchase mechanism under the conditions applied to Crédit Agricole SA ten years earlier. The National Federation of Crédit Agricole rejects these demands, recalling that the various courts seized over the past ten years have so far ruled in favor of the regional banks. The initial dispute, brought notably by the Association for the Defense of Minority Shareholders (Adam), is now the subject of a cassation appeal. The issue extends far beyond the Nord de France bank. According to Les Echos, a repurchase of all CCIs still in circulation in the regional banks could represent up to €9 billion for the group. This estimate, however, corresponds to a hypothetical scenario, and not to a sum currently due.