new victory for Mediterranean Foundation in his dispute with Sabadell for him The fiasco of CAM’s participant quotassimilar to shares issued by the extinct Alicante savings bank in 2008, and 50,000 investors lost most of their savings. If in 2017 the heir institution of CAM Welfare Projects has already managed to receive Supreme Court admitted that he was responsibility in this case only subsidiary and the financial institution that had to reimburse those affected who demanded their money in court, now another sentence Forces Sabadell to indemnify the Foundation for the sums he had to pay in many of these cases.
especially, Court of First Instance No. 11 He evaluated the claim of the institution headed by Luis Boyer from Alicante and ordered the bank to pay €1,438,847 plus interest on the sums owed by those affected and the legal costs incurred by his defense in these cases.
And it does so by pseudo-approving. “mirror phrase” in this deed separated the finance business At the organization of Caja Mediterráneo, Banco CAM, which Sabadell later continued. As legally these shares can only be issued by savings banks, a clause that the new entity has to respond internally to repayment obligations that may arise from installments, even if their value officially remains on the Welfare Projects balance sheet.
The origin of this new disagreement lies in the decision of many affected. File a joint lawsuit against Akdeniz Foundation and Sabadell Let the court accept whether the person responsible for the titles is first or second, to guarantee their money back. A strategy that results in multiple penalties, forcing both joint and several responses for the amounts required.
However, after the Supreme Court ruled that the economic effects of the quotas—that is, the capital contributed by investors—are within the scope of unbundled financial affairs and that the Foundation’s responsibility as an owner is only participation, the latter decided to go to court in July 2018. requests a refund of the amounts paid. In fact, he had been making requests directly from Sabadell since the first request he received in 2013, but the bank refused to honor his demands.
Thus, the heir to the former CAM Social Work, under legal direction José Maria Ayala de la Torre and legal services manager, Raphael Simonpracticed what is called “replay action”. In other words, after assuming a foreign debt as a guarantor, it demands from the real debtor. And he did so on the basis of the aforementioned “mirror clause” which, in his view, compelled Sabadell to purchase Banco CAM in its entirety.
Based on this, he requested 1,053,956 euros. payments made until that date to those affected by the quotas he added. court costs, until it reaches the aforementioned 1.4 million. A sum that will be just the beginning since the case was filed in 2018, the Akdeniz Foundation has continued to pay several times that, and plans to claim it as well.
Sabadell, for his part, is in fact the “mirror substance” mentioned above. just had to finance Banco CAM – To facilitate the Treasury – To the Foundation if it has to make an ordinary depreciation of the quotas, but not assuming the amount. A comment that the judge did not share. It also tried to limit the payment to only those amounts paid to those affected so as not to bear the costs, noting that this was an expenditure of the Foundation’s own free will. An argument the judge did not accept, considering Sabadell’s refusal to take responsibility in 2013 “left the institution to its fate” and forced himself to defend himself.
As such, the decision fully estimates Fundación Mediterráneo’s claim and forces him to pay the 1.4 million he has claimed, plus statutory interest, which could raise the final amount to about 1.8 million. Sabadell confirmed that she will appeal the sentence.
The only savings bank listed on the stock exchange
Participation quotas were securities similar to stocks, but without voting rights, created so that savings banks could raise capital and be listed on the stock exchange like banks. CAM was the only one to use this mechanism, and it did so in July 2008, just as its managers were beginning to feel the effects of the bursting of the housing bubble on their balance sheets. A quota of 50 million was given, of which CAM seized 292 million. These are depreciated after the entity’s intervention for zero euros.
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