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viernes, 8 de enero de 2016

ANOTHER GM LEGAL EXPERTS MAJOR VICTORY: CLASS ACTION SUIT FOR SANTA ANA DEL MONTE


Yes, we did it again! Banks who signed Generic Bank Guarantee agreements with Herrada del Tollo (San Jose) for the development "Santa Ana del Monte", in Jumilla, have been just sentenced to refund about € 500,000 to several plaintiffs, although they weren't holders of individual bank guarantees.

The judgement comes this time from the 7th Department of the Valencia's Appeal Court. First Instance Court initially rejected our petition, because judge interpreted that 57/68 wasn't applicable if there was not an individual bank guarantee in place.

But Appeal Court had a different criteria, and sentenced that lack of individual bank guarantees isn't enforceable against buyers, who are entitled to sue banks  for deposits under the provision of generic bank guarantees.

So never, never, never give up... (Winston Churchill)

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