The mortgage loan referred to, tagged as “highly speculative” by the Court, was declared void due to the bank not having advised the parties of the real risks.
The Court concluded that the bank was under the obligation to provide clear, transparent and adequate information in respect to the product, but failed to do so. At the most, according to the ruling, the bank offered “verbal advice”, which was then considered to be “…not consistent with a statutory mandate to provide a precise and clear explanation of the risks associated to the product”.
The ruling insists on the uncontested fact that Caixa Catalunya glossed over certain keys aspects of the risks of currency exchange rates and interest rates, and the impact this could have on the mortgage.
Which takes us to the following questions:
- How would this Court view Nordea Bank Luxembourg’s “Home Sweet Home” pre-contractual information package?
- And what about Rothschild’s “conservative approach” or rather, the “mortgage that would not be looked upon as one?”
A very interesting ruling by this court. It has been stated in the past that we are seeing more and more of these cases come before the courts in Spain. Perhaps it does take some time, however the Spanish Courts seem to be getting there and ruling in favour of the victims of these scams. I wonder how many of the banks mentioned on this site are guilty of the same “highly speculative” investments. I am sure that the erva ivestigating team have some good evidence of this and I invite them to comment with some details.
MESSAGE FROM YOUR ERVA INVESTIGATION TEAM
In reply to Peter James comment above. Erva have been in touch with their lawyers who have comented as follows. This is indeed an important ruling from this judge. He was of the opinion that the mortgage was not only “highly speculative” in relation to the currrency trading, but more importantly he found that it was not as a result of what the banks told him but the lack of what he was not told. This in his opinion was mis selling and therefor deemed the mortgage was “null & void”. From what we have learned over the past several months, we can say that all of the banks involved in equity release schemes are perhaps equally guilty. We have stated on many occasions that it has taken some time for the team to have interviewed our members and as a result we have discovered a huge amount of documents that we believe will show that the banks are in breach of numerous regulations. Peter is correct when he states that the Spanish courts are ruling in favour of theses victims and we are very hopeful that 2013 will be the turning point in our quest. We really look forward to many of these cases being successfully tried in the Spanish courts. Keep your comments coming, we appreciate your views and your support.
Thanks erva for keeping us up to date with events. It certainly appears that the tide is turning in our favour and we pray to God that 2013 will be a memorable year. I and many others have been out of our minds with worry. If it wasn’t for the support of your team and lawyers, we would probably be tucked up in bed in the lunatic asylum by now.
Well done to these Spanish lawyers and also to the Spanish Judges for seeing through the false promises these banks have been making to honest hard-working people who have worked and saved, only to be robbed by greedy, wreckless banks whom they trusted.
It is thanks to the work and courage of these lawyers and these judges that we can have hope.
Hope that the delinquent Bankers will be stopped from looting and lying in the future. Hope that there is justice and that by working together and fighting for justice, we can overcome the damage these banks have done to the lives of so many.
Well done to the lawyers! We applauded the wisdom of this Spanish Judge and hope others will follow the example across Europe.
ERVA gets thanks for sharing the news too!
Thank you for the comments ERVA. At last some common sense coming forth from the courts. I really hope that Karen is correct and that 2013 will be a memorable year for all the victims of these greedy banks.