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Old 05-11-2018, 11:10 AM
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Default Canarian Weekly: Banco Popular shares? purchase is cancelled

AN Oviedo Court in northern Spain has recently issued a judgement, cancelling a customer’s purchase of Banco Popular shares, regarding the 2016 capital increase, as well as three subsequent acquisitions.

The resolution, subject to appeal, condemned the bank, and annulled the 5,000-share purchase, for 5,454 euros, made by the claimant between June and November 2016. According to the judgement, the bank must refund the principal amount, plus interests.

But the claimant has to return the share titles, and repay the benefits obtained (plus interest), during the time he owned the bonds.

The judge considered that there was a “notable difference” between the inherited and financial situation of the bank, which determined the consequent intervention.

He also said that the “the public-offer brochure stated that it was “the most profitable bank in the Spanish market, although in attention to certain parameters”.

This “irregular” information led the claimant to misunderstand the profitability of his investment.

The bank revealed a “distinctly different” situation, until it was intervened and sold for one euro to another bank company, with a loss of the client’s investment.

It also pointed out that, had the claimant known about the bank’s financial situation, he would not have invested his savings. But the client had no “financial knowledge” because he was not a trade investor.

This argument has been used by many courts in cases of the so-called “Preferentes” (financial products), in which the bank did not give clients details of the whole situation, especially the risks taken by buyers of such a product.

Likewise, it warns that the argument, from which the bank’s performance was approved by the Trade National Control Commission, cannot be estimated, given that the bank presented to potential investors, “an image of solvency that did not conform in any way to reality”. Mariano E. Zunino Siri, is a lawyer registered at the Tenerife Bar Association since 1991. Email: marianozuninosiri@gmail.com ; abogado@abogadosmadridtenerife.com
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