Convicted Bankia with 430,000 euros to compensate affected by preferential
BANCA PREFERENTES
Condenan a Bankia a indemnizar con 430.000 euros a afectado por preferentes
EFE Economía Valencia 6 JUN 2013 - 13:49 CET
PREFERRED BANKING
Convicted Bankia with 430,000 euros to compensate affected by preferential
EFE Economy Valencia 6 JUN 2013 - 13:49 CET
The Court of First Instance No. 11 Valencia has sentenced Bankia SAU to compensate private banking with more than 430,000 euros to a user for the "damages" resulting from action taken by Caja Madrid for the purchase of preferred shares.
The ruling, issued today by the consumer association AVACU, said that the failed financial institution "essential form" the contract provision of investment advisory and brokerage, by failing to provide the user with information on the operation and risks in procurement preference shares subscribed.
Further, the judgment highlights the existence of "bad practice of the defendant in accordance with applicable existing", and "vice concurrent consent determining excusable error lso essential and preferred contracts attributable to the defendant" .
Therefore, the user must compensate Bankia to the sum of 430,294.58 euros, corresponding mainly to the fees charged, the difference between the amount invested and the amount recovered and the interest and fees charged on the credit account.
Bankia Sources have indicated that the client Efe formalized the purchase of preferred "other entities" through Private Bankia "voluntarily and at a time of excellent credit quality."
Later that client sold them on the secondary market and losses "against Private Bankia's recommendation", have been added.
The decision against which appeal lies, has been won by the legal department of the Valencian Association of Consumers, an organization that so far this year has treated more than 1,200 people affected by the preference shares and subordinated bonds.
As pointed AVACU in a statement, it is "replace the actor in the state that was before the mistake excusable essential and which starts its claim and declaring tested".
The preference shares are part of the law relating to the Securities Market, which makes it a high-risk product, so for recruitment requires the entities that provide this type of product, optimal reporting obligations to their customers at all times.
It also requires these entities behave with diligence and transparency in the interest of its customers, information to be deployed in advance and with the characteristics indicated by law.
The consequence of infringement of the duty to provide information on the performance and risks of the product may produce an uninformed consent, according AVACU.
The judgment concluded that there was no such prior information by the entity to the user, so it declares void the contracts and agrees to pay such compensation.
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