Banker's Libel Suit `Not Worth the Effort,' London Judge Says

Alvaro Sobrinho, former head of Banco Espirito Santo SA’s Angolan unit, lost a libel lawsuit in London against the publisher of Portuguese newspaper Expresso over an article criticizing billions of dollars in loans made under his leadership.

While the article contained potentially damaging allegations about Sobrinho’s conduct, his reputation was later vindicated by a parliamentary inquiry in Portugal, Judge James Dingemans said in a written ruling. As a result “the pursuit of these proceedings is not worth the time, effort and expense in pursuing them,” the judge said.