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.
In addition, the judge considers there is sufficient evidence to demonstrate that the bank never paid most of the loan capital, but retained it to invest it at the borrower’s risk on complex and highly speculative products, without the latter knowing.
Additionally, the sentence resolves that there is no recorded evidence that the bank truthfully reported the borrowers about the true nature of the product or the compliance of the banking and financial transparency regulations.
On declarations to this paper, Juan Martinez Soler concludes that the pronouncement reveals that “The cause of the product is radically false, as in accordance with the Spanish tax regulations concerning Inheritance Tax, payment cannot be avoided by mortgaging a previously owned property”. For its party, Antonio Flores adds that “the dishonest trick advertised by the bank in this case, becomes void pursuant to the Civil Code, for advertising a financial package leading to a clear fraudulent purpose”.
Excellent
Brilliant result but so terrible at how long it has taken to get to this point especially considering the ages of the victims.
I doubt if Caixa Bank are worried. They will appeal, the Supreme Court will sit on it for God knows how long and the plaintiffs will pass away before the case is settled. How many of the plaintiffs involved with the Bilboa SLM judgement are still alive?
yes, exactly, that is what they are doing, waiting for the plaintiffs to die!!
We are in the same predicament and refused to accept a ridiculous offer, we now will have to wait god knows how long and perhaps indeed we won’t live to see the result.
That it took twelve years for a very elderly couple to get justice is an indictment of the Spanish legal system. I wonder when the message will get home that the lack of recourse to justice in Spain massively deters foreign investment and impoverishes the nation.
What an excellent and fair judgement by the Court against CAIXA BANK. Very well done Antonio Flores and LAWBIRD to have brought justice and peace of mind to the old retired couple. Everyone now wishes to have similar success in their claims against DANSKE BANK, NORDEA BANK, JYSKE BANK, BARCLAYS BANK, ROTHSCHILD BANK to allow the pensioners to have some money back from these banks who,robbed them many years ago,of their savings and secure homes.
They also misold unemployent cover on a loan and refused access me to the branch complaints book . Told me to contact head office online and they never replied. Zero customer care.
Has anybody heard if Caixa Bank paid up?
And what are Rothschild up to? The hearing was supposed to be 12/13th November for which they’d had 3 years to prepare, but true to their cavalier attitude for which they are renown, they had the court cancel at the very last minute. I have to ask the question, will my wife and I live to see this resolved?
Le fait que ce bon jugement arrive beaucoup trop tard laisse la banque largement gagnante car pendant 12 longues années les banksters continuent de spéculer à outrance dans leurs shadow banking offshore avec fort effets de levier pendent que leurs multiples victimes crèvent lentement mais surement avec des petits moyens pour devoir financer des frais de justices qui dépassent souvent leurs reste à vivre et font traverser aux victimes une longue agonie certaine qui n’ai jamais réparé, indemnisés, dans mon cas contre la Landsbanki Luxembourg S.A. depuis 2007 j’ai perdu la totalité de mes activités lucratives immobilières, j’ai perdu ma vie de couple et ma vie de famille massacré, j’ai perdu mon petit commerce à causes des multiples procédures civile et pénales à Nice, Aix en Provence, Paris et Luxembourg à devoir saigner ma famille de 4 enfants pour arriver à payer mes avocats et survire dans des souffrances et privations indescriptibles !!! et cela les juges n’en tiennent pas compte pendant que nos détracteurs mènent grand train en spéculant à donf à la City de Londres et leurs multiples paradis fiscaux dans leurs multiples sociétés offshore financés avec les fonds extorqués de centaine de victimes dont des dizaines sont mortes dans le déshonneur et la honte, les souffrances et la misère, les tourments et les drames familiaux !!! non vraiment gagner beaucoup trop tard c’est faire gagner de beaucoup les banquiers criminel qui nous payerons avec une petite partie des fortunes engrangés depuis 12 ans sur nos vies massacrées !!!
Have they received their money yet?
Have the victims received their 400,000€ yet?
Good point by Lancelot regarding the Bilboa/SLM/Supreme Court processes. Survivors are getting fewer in number. Does the Spanish Supreme Court actually do any work?