Popular Subordinated Bonds: New nullity in La Coruna

bonos banco popular

 

Continúan acumulándose las sentencias declarando la nulidad de la colocación de Bonos Subordinados Popular.

In this case, ha sido la sección cuarta de la Audiencia Provincial de A Coruña la que ha denegado el recurso del Banco Popular y ha confirmado la resolución del Juzgado de Primera Instancia, in Case 24 February 2016.

Ms. Petra D. Just they signed 40 Bonos Subordinados Popular I/2009 que fueron canjeados por los Bonos Subordinados II/2012.

The Court of First Instance No. 8 A Coruna, in sentence 24 November 2015, estimó la demanda y declaró la nulidad de los Bonos Popular I/2009 y II/2012, ordering the return of 40.000 euros invested, with reciprocal restitution of benefits and legal interests, and imposition of costs to the bank.

The People's Bank presents appeal to the Provincial Court, that rejects, and confirms the decision of the first instance. The Chamber makes the following clarifications.

On the profile of the actors

The applicant is a businessman dedicated to the hardware store, de lo cual no cabe deducir que tenga especiales conocimientos económicos y financieros que le permitan conocer los riesgos de los bonos.

Also, el propio banco realizó un test de conveniencia del que resultaba que el producto podía resultar no adecuado para el nivel de conocimientos y experiencia declarado. En este sentido cita la Sentencia del Tribunal Supremo de 12 February 2016:

"Not any professional training, related to the Law and Business, nor ordinary financial activity of a company, be presumed is ability to make their own investment decisions and properly assess the risks”.

Documentation of bonds

It is not disputed that the products are complex and high-risk.

The documentation on them, se entregó en el mismo momento de la firma, sin la antelación suficiente. Las obligaciones de información en materia de información precontractual, They can not be fulfilled at the time of signing the contract (STJUE 18 December 2014, SSTS 12 January 2015 and 4 February 2016.

On demonstrations have received enough information

La jurisprudencia ha proclamado la ineficacia de las menciones predispuestas que consisten en declaraciones de ciencia, empty of content to be contradicted by the facts (SSTS 20.11.15, 22.4.15, 29.4.15 and 12.01.15 inter).

About estoppel

Actors acquired in July 2011 subordinated debentures. However, not a "proper act" to heal the bad habit of buying Popular Bonds, as the Board collects argument STS 10 September 2014: teniendo en cuente el perfil de los demandan sería necesario

“”justificar suficientemente que en las ocasiones anteriores se les informó adecuadamente de la naturaleza y los riesgos del producto para que, to rehire, no hubiera existido error, to have adequate knowledge and”.

The estoppel does not apply when the acts are vitiated by error or wrong knowledge (STS 8 May 2006).

On the assessment of witness

The Board considers that la declaración del empleado del banco, It must be assessed in that circumstance, the elapsed time and the gaps on knowledge of the product that were manifested.

The error

There error vicio cuando la voluntad del contratante se forma a partir de una creencia inexacta. The error is substantial cuando recae sobre las condiciones que de manera principal motivaron la celebración del contrato. Last, the error is excusable, unable to be overcome with the use of an average diligence, and taking into account the reporting obligation of the other party and the asymmetry in knowledge.

It is considered that there was an error, not having been proven that the customer (with no expert profile) received a clear and complete information on risks of the product

The alleged confirmation

La confirmación debe realizarse después de que hubiera cesado la causa que motiva la impugnabilidad y con conocimiento de ésta (STS 16.12.2015), as required by 1311 of C.C and in this case this circumstance is not given.

Ultimately, se desestima el recurso y se confirma la nulidad de la adquisición de los Bonos Subordinados Popular y su posterior canje, with costs to the Bank.

 

Consult your case now

Leave a Reply

Language


Set as default language
 Edit Translation


Subscribe to receive a book PDF


Just for signing up receive via email the link to download the book "How to change lawyers" en format digital.
Sign up here

Sígueme en Twitter




Subscribe me

* This field is required