CAM voting equity units: Nullity in Torrent
The Court of First Instance No. 5 Torrent has declared void a contract subscription fees sentence CAM 13 October 2015.
In July 2008, the client was advised by the director of the branch of the CAM to invest "In a special product for special customers". He signed 4.759 EUR 815 cuotas participativas de la CAM.
In its application, asked the cancellation of the contract by mistake on consent and alternative resolution of it for infringements incurred by the financial institution. The complaint was directed against the CAM Foundation and against Banco Sabadell.
For the plaintiff, you can not explain the true characteristics of the contract and thought he was signing a fixed term.
Cam He did not perform the suitability test it was mandatory.
For his part, the CAM Foundation alleges criminal prejudicialidad and lack of passive legitimation: For this, Banco de Sabadell is responsible for the voting shares.
The Banco de Sabadell also argues that no passive standing, and that once, the plaintiff was provided with all necessary information. In any case, the action would have expired.
La Juzgadora, rule out the existence of criminal prejudicialidad.
also rejects the expiry:
"It's more, and as far as this case is concerned, until it has the effective amortization and settlement of equity units, It could not understand initiated within, time to be placed on 15 November 2012, the publication of the Law 9/2012 of 14 November, forcing savings banks that were in solution phase accounted for losses to become foundations, or even in March 2014 when the CAM Foundation agreed to the settlement of equity units that definitely lost all its value ".
As for the error in the consent, thea defendant has not established that would provide legally required information, despite having done work of "advice".
It is considered that the error was essential and excusable.
Regarding passive standing, discard the CAM Foundation and accepted the Banco Sabadell, collecting arguments SAP Valencia (section 7) of 18 September 2015 and we discussed at the time.
Ultimately, partially estimated demand, it absolves the CAM Foundation and declares nullity of the purchase of shares in the CAM Banco Sabadell taking responsibility for repayment of the principal with their legal interests.