The Provincial Court of Valencia confirms invalidity on preference of Bankia

preferentes bankia











The Court of First Instance No. 1 had declared invalid the purchase of preferred shares of Bankia and the Ninth Section of the Provincial Court of Valencia has confirmed the ruling in Case 24 February 2014.

Compared to the estimate of the Court of First Instance, appealed alleging the bank:

1.- Incorrect rejection of the exception lack of passive joinder necessary.

2.- Lack of counseling.

3.-Misapplication of the burden of proof, the bank as proof of error corresponds to whoever claims.

4.- Lack of intent contractual.

5.- Correctly reported Product.

The Provincial Court rejects the existence of passive joinder necessary that in view of the documents, customers could not know, at the time of acquisition, that the issuing entity of the products was not Bancaja (Bankia today) but a distinct entity. Referring to SAP Valencia 23 January 2014, states that the principle of relativity contractual (art. 1257 C.Civil), effects are displayed between the contracting parties "Without also bringing to an authority that in addition to be built on the same banking group that the defendant, his speech was completely silenced the applicant ".

From the evidence examined not established that the bank, who bears the burden of proof as provided in Article 217 the LEC, cumpliera the labor information that required by current regulations. This lack of information led to the plaintiffs subscribed a product that did not fit their profile.

They had always invested in time deposits, had no previous financial experience, basic studies, with trust relationship with the bank having been customers for years. The appropriateness test was done by adjusting the responses for the product proves convenient.

Mentioned the conflict of interest to which the report refers to the CNMV 11 February 2013.

Ultimately, dismissing the appeal, the judgment of the Court of First Instance confirmed and the costs of the appeal to the bank imposed.

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