The Bank of Portugal sued Waterlow and Sons in the High Court in London. It was one of the most complex trials in English legal history. The case was finally settled in the House of Lords on 28 April 1932 in favour of the Bank of Portugal, which was awarded £610,392 in damages.
Waterlow and Sons’ business never completely recovered; it was finally acquired by De La Rue in 1961. Sir William Waterlow had been dismissed as president of the printing house, but he was elected Lord Mayor of London in 1929.
When Reis’s fraud became public knowledge in December 1925 it brought about a crisis of confidence in the Portuguese government. This crisis resulted in the nationalist military coup d’état of 1926, that brought the Ditadura Nacional (National Dictatorship) to power, with António de Oliveira Salazar ruling from 1932 to 1968.