Blog | November 5th

CAIXABANK SENTENCED TO REFUND MORE THAN €400,000 TO A RETIRED COUPLE

On September 23rd, the First Instance Courts No 2 in Novelda (Alicante) pronounced a sentence whereby a false equity release scheme, signed up by an octogenarian British couple in 2007,  was rendered void ordering Caixabank to refund the full capital value of the product.

The plaintiffs´ lawyers, Antonio Flores and Juan Martinez Soler, from Lawbird Legal Services, a Marbella based law firm, argued in their claim that the cause of the contract was false, in the sense that product consisted in the provision of a loan to retired expatriates residing in Spain as if it were an indispensable requirement to avoid Spanish inheritance tax….

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