CAM invalidity of voting shares by the Court of Valencia,es

cuotas participativas cam

 

The Provincial Court of Valencia has once again confirmed the invalidity of a contract underwriting shares in the CAM, in sentence 18 September 2015.

Customers had acquired in July 2008, cuotas participativas de la CAM amounting to 3.206 euros. The branch manager, He advised them to buy a “special product for customers” y éstos creyeron que se trataba de un fixed term.

The Court of First Instance No. 4 Torrent, dictó sentencia estimando la demanda y condenando solidariamente a la Fundación CAM y al Banco de Sabadell al reintegro del principal, legal interests and to pay the costs.

Ambas entidades interpusieron recurso de apelación ante la Audiencia Provincial.

Las dos cuestiones principales que se plantean son la existencia del vicio del consentimiento y la concerniente a qué entidad debe asumir las consecuencias jurídicas de la nulidad del contrato.

The lack of consent

The cuotas participativas de la CAM son un producto de inversión, complex, do not grant political rights, y que por la fecha de adquisición (3 July 2008) were subject to the MiFID and to do the appropriate test.

La Sala considera que la entidad financiera no cumplió con los deberes de información que les imponía la Ley del Mercado de Valores (art. 79 to) neither RD 217/2008 (art.64).

For the sake, the requirement for the appropriateness or suitability test was not met. In this case, nos encontraríamos ante una situación de financial advice (It is the bank that offers the product, through personalized recommendation), y el banco no podría recomendarlo sin haber realizado previamente el test de idoneidad (art. 76 to 6 LMV).

The CAM Foundation alleged the existence of criminal prejudicialidad, because there is an investigation in the High Court. The Court rejected this plea, referring to his Auto 1 December 2014.

Sued

Banco de Sabadell claimed that it was not entitled passively, porque no era titular de las cuotas participativas de la CAM, because according to one, nunca fueron transmitidas al Banco CAM ni por tanto, Banco Sabadell. Also, Banco Sabadell informed the CNMV that it had not subrogated to the voting shares.

La Sala desestima el motivo, y considera que el Banco de Sabadell está legitimado pasivamente para responder en su caso, of the voting shares CAM. El patrimonio financiero de la CAM se traspasó al Banco CAM y éste había asumido el compromiso irrevocable de hacerse cargo de las obligaciones de reembolso que pudiesen derivarse de las voting shares (Writing as segregation 21 June 2011).

The contract of promise of sale of shares of Banco CAM 7 December 2011, firmado entre el FROB y el FGD como vendedores y el Banco de Sabadell como comprador, nor FROB nor the seller assume no liability or guarantee in relation to the CAM Bank.

Una interpretación acorde con los actos coetáneos y posteriores a la firma, como es la obligación que asumió el FROB de recabar instrucciones del Banco de Sabadell hasta proceder a la amortización de las cuotas participativas CAM y el ofrecimiento por el Sabadell del canje de las cuotas a algunos clientes, permite llegar a la siguiente conclusión:

The Foundation is not passively legitimated, and a quien corresponde responder por las cuotas participativas CAM es al Banco Sabadell, as the CAM Bank is committed to take care of them and this obligation, as part of its financial business, Banco Sabadell was transmitted. And communication of Banco Sabadell to the CNMV that by not voting shares became CAM has unilateral, and therefore not relevant for this purpose.

Banco Sabadell, alleges expiry of the action. La sala desestima el motivo, distinguishing between the contract and its consummation: Se trata de contratos de tracto sucesivo, not consumed until the deadline for which they were concluded.

La Sala añade que no se produce una convalidación del contrato por haber cobrado los dividendos, nor is there own actions.

Ultimately, se absuelve a la Fundación de responsabilidad y se condena al Banco Sabadell a reintegrar a los actores los 3.206 euros invested in voting shares CAM, with legal interest from your subscription, deducting those obtained legal yields to their interests.

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