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Mostrando entradas de agosto, 2012

NEWS ABOUT JUDICIAL DECISSIONS / NOVEDADES JURISPRUDENCIALES

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COURTS ARE RULING  THE ANNULMENT OF THE PREFERENCE SHARES AGREEMENTS
Over the last months different District Courts have ruled that preference shares contracts are void upon condition that the right information was not given to the consumers.
Given that preference shares agreements are complex investment products, Courts declare that Banks must make sure that they are offering them to the right person, and the client has a full understanding of the conditions and risk being assumed by the signature of the agreement.
Therefore, the Bank must prove that the test required by law were made to clients to make sure that they were offering the proper product, and also the right information about the investment was given. The annulment of the preference shares contract could be claimed otherwise.
Obviously, these are excelent news for people whose savings were caught in these investment products. Spanish Government has been in fact forced to admit that banks committed serios abuses by offering th…

NEWS ABOUT JUDICIAL DECISSIONS / NOVEDADES JURISPRUDENCIALES

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THE THREE BANKS WHO SIGNED A GENERIC BANK GUARANTEE WITH HERRADA DEL TOLLO, JOINTLY SENTENCED TO REFUND DEPOSITS TO SEVERAL SANTA ANA DEL MONTE'S PURCHASERS

The First Instance Court nº 1 from Alicante has sentenced the three Banks who signed the Generic Guarantee Agreement with Herrada del Tollo (SGR, BBVA & Pastor) to refund jointly to several Santa Ana’s purchasers the deposits they did pay to the developer.
The Court understands that generic bank guarantee agreements are enforceable, no matter into which account deposits were credited, so banks are liable for deposits paid even when purchaser is not holder of an individual bank guarantee.
The plaintiffs who had won the case are purchasers of Santa Ana who did cancel their purchase contracst and vote against the Creditor's Agreement.
For further queries, please do not hesitate to contact me on guadalupe@gmlegalexperts.com.
LOS TRES BANCOS QUE FIRMARON LÍNEAS DE AVALES CON HERRADA DEL TOLLO, SENTENCIADOS A PAGAR SOLIDARIAMENTE…