CAM voting shares: The Court confirms the annulment of Alicante
The Provincial Court of Alicante has confirmed the nullity of a CAM subscriptions voting equity units in sentence 4 March 2016.
The plaintiffs had made successive subscriptions CAM voting equity units: 2.925 and 95 euros in March 2010, and 2.806 October 2010.
The Court of First Instance No.. 2 Benidorm gave judgment on 14 April 2015, estimando íntegramente la demanda. He annulled the purchase contracts of the CAM voting equity units and he ordered restitution of mutual benefits, with legal interest from the date of subscription. La Fundación CAM y el Banco Sabadell fueron condenados solidariamente to make payment resulting from this calculation: La Fundación CAM por ser emisora de los títulos y Banco Sabadell por ser sucesor y adquirente del negocio financiero del Banco CAM
La Fundación CAM y el Banco Sabadell interpusieron recurso ante la Audiencia Provincial. Ambas niegan su legitimación pasiva que atribuyen exclusivamente a la otra.
Hearing for passive standing it must be analyzed from the perspective of the plaintiffs who have the status of consumers. Por ello se considera adecuado que ambas entidades respondan solidariamente. La solidaridad garantiza el derecho del perjudicado y le evita la carga de probar cuál de los codemandados es responsable del daño. Y posteriormente, cuando el que haya pagado se dirija al otro responsable, It will be the distribution of debt between them.
It does not preclude the judgment of the Provincial Court of Alicante 30 April 2014 in which the defendant was solely the CAM Foundation: There is no doubt that in our right, the creditor may direct its action against any of its joint debtors.
As for the allegations of Banco Sabadell, there invalidity of activities for infringement of Article 401 the LEC: La vista del juicio verbal se suspensión para que las partes ampliasen la demanda o alegasen lo procedente sobre la intervención provocada del Banco Sabadell. This suspension does not violate that provision nor cause helplessness.
The collection of dividends, no constituye convalidación ni confirmación tácita del contrato and STS cited the plenary session 12 January 2015, in relation to Article 1311 the C.C.
As to error vicio, acquirers:
"They were not informed sufficiently and properly (rather, They did not receive any information) the characteristics and risks of complex product that signed, to the point of not even being subjected to the test of convenience, which it prevented a thorough knowledge of the contracted product is formed and led the error in providing their consent ".
Ultimately, the judgment of the first instance is confirmed, declaring annulment of purchase contracts CAM voting equity units, jointly condemning the CAM Foundation and the Banco Sabadell and imposing pay the costs of both instances.