José Luis Rodríguez Zapatero remains under judicial investigation in Spain’s National Court as part of the ongoing Plus Ultra case, which centers on alleged influence peddling, money laundering, and related offenses tied to a 2021 airline bailout. Recent developments include an October 2026 anti-corruption prosecutor request to add a malversación charge linked to jewelry valued at over one million euros seized from his office, alongside a judge’s rejection of Zapatero’s bid for Saudi confirmation of the items’ origin and a request to extend the instruction phase potentially into 2027. The matter is still in the pre-trial investigative stage with no formal charges finalized, trial date set, or verdict reached. Trader consensus at 96.1% against a prison sentence reflects the lengthy procedural timeline, evidentiary challenges, and historical patterns in comparable high-profile Spanish cases where convictions rarely result in actual incarceration after appeals. Late-stage shifts could arise from new evidence, plea outcomes, or final rulings years from now.