Espírito Santo Clients Are Back on the Hook.

The article discusses Portuguese banking company Banco Espírito Santo SA's reneging on a prior commitment to make good the losses of investors who bought commercial paper from its collapsed parent firm Espírito Santo International SA. Chief executive Eduardo Stock da Cunha of the bank's successor firm, Novo Banco, now says the bank has no such obligation. The imbroglio has created a dispute between the Bank of Portugal and Portuguese regulatory body CMVM. INSET: Audit Finds Possible Wrongdoing at Banco Espírito Santo.