The Court of First Instance number 17 of Valencia has condemned Banco Santander to the return of the 395,000 euros invested in Santander Securities by a client who, according to the complaint, d concealed that it was a high-risk financial product with which she could lose capital.
As the woman's lawyer explained in a press release, in September 2007 the applicant bought Santander Securities for an amount of 395,000 euros, but in 2012 "the product became shares of the bank" and this caused "significant losses "because when selling" only recovered 126,987 euros of the invested ".
According to the client in his lawsuit, he was unaware that his initial purchase was a high-risk financial product in which he could lose capital, "since it was a complex hybrid product."
"The employees assured him that it was a simple and safe investment, even similar to the purchase of bank shares, and that it was a novel product designed by the bank fully guaranteed by Banco Santander," according to the lawyer.
According to the judgment, to which EFE has had access, the applicant, administrator in a family business dedicated to food packaging, did not have training or experience related to the financial sector and did not have "basic, truthful and complete" information on the product, as provided in the regulations.
It is worth highlighting the resolution that this investment was directed by the bank's professionals, who hired without complying with the minimum requirements and without attending to the proper and correct mandatory effective delivery of the pre-contractual and contractual information.
According to the judge, the mandatory prospectus of the product and the necessary risk information were not delivered , which invalidates the hiring of both the initial purchase in 2007 and the conversion into shares of the product in 2012, and orders compensation to the client for the damage suffered, as well as to receive the legal interest and to pay the procedural costs of the plaintiff.
In the judgment, the judge also indicates that in a complex product such as this, the obligation of truthful and adequate information always corresponds to the banking entity, which is obliged to handle with the "maximum transparency and diligence" regarding its clients.
The ruling condemns Banco Santander to pay the client the amount resulting from subtracting the benefits obtained until 2012, the dividends received by the applicant for the shares until their sale and the amount of 126,987.10 euros obtained by the sale of the shares, as well as the legal interest on the amount resulting from the date of the lawsuit.
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