A new setback for selling against a financial institution complex product without making sure that his client has the ability to understand him. this Provincial Court from Alicante condemned Compensate with Bankinter SA 48,294 € more attention An SME from Guardamar for damages Suffered by the hiring of someone supposedly “clips” marketed by the business did not fulfill the duty of “knowledge and loyalty” when it’s time to sell.
Ninth division of the provincial court Thus confirms the decision number 2 of the Elche Court of First Instance, that you have already agreed with the client represented by the lawyer Victoria Krotovaof the Sanchez Butron Lawyers. A decision that Bankinter appealed.
“Clips”, also known as “swap”, such as those marketed by Bankinter, are a contract. financial swap a customer can supposedly Protection against interest rate hikes Because in case of exceeding a certain amount agreed upon, the difference is covered by the bank. What many clients don’t know when hiring him is, on the contrary, if rates fall a certain limit, these are must pay the company corresponding amount.
Interest rate hikes
That’s what happened in this case, according to the court’s decision. As the lawyer explained, it was the entity that contacted the company to offer the productwhich would theoretically allow him to control his financial costs. he ran first months of 2008 and Euribor was climbing all-time highsIt is close to 5.5%, so the company responsible decided to hire it, thinking it was a kind of insurance, as stated in the sentence.
the problem has come burst the real estate bubbleCausative interest rates are falling until the swap starts working in the opposite direction. Three years later, a product economic damageThe company contacted the organization and the only solution Bankinter offered was: cancelupon payment 48,294 Euro liquidation. A payment made by the bank itself lent him money so that he can pay as stated in the sentence. It was 2018 when the company finally decided to file a lawsuit.
In their defense, Bankinter’s representatives sought to argue that: it was unconvincing for a businessman to lack knowledge enough to understand the product. But in the judgment of the Court of First Instance, now upheld by the Provincial Court “any normal person can run a company (as we are concerned here) and have knowledge of the professional sector to which it is directed, while being in a similar position to any other contracting party in the finance/banking field”.
risk free
The court also rejects that the fact that the client took several years to receive and pay the payments means that he accepted the terms of the contract. On the contrary, according to the court, the annulment decision clearly reveals its disagreement.
In addition, the sentence states that those responsible for the company previously they only had “risk free” contract productsand this will support the thesis that they cannot understand the operation of the “barter” process, which the sentence accepts as “speculative”. For all these reasons, they reject Bankinter’s appeal and order him to pay 48,294 euros plus interest and expenses to the client of Sánchez Butrón’s office. This newspaper tried to contact the bank to learn about the bank’s valuation, but was unsuccessful.