Consumer affected by Banco Popular: two judgments condemn the bank
Are you one of those affected by the Banco Popular shares? Euriux Abogados is your solution and we will help you to recover your money. Euriux Abogados is a firm specialised in providing legal advice and assistance to companies, individuals and banks both nationally and internationally.
The Santander Courts of First Instance number 4 and number 8 have issued two sentences in which Banco Santander is ordered to return the 40,000 euros that two former customers of Banco Popular invested in shares of the bank before it was sold to Santander for a single euro.
Both judgments, dated 24 June and 16 July of this year, highlight the "lack of truthful information" about the actual state of Popular' s accounts at the time of the customers' purchases.
Specifically, the plaintiff in the first case acquired 10,000 shares in the entity for an amount of €4,595 in several transactions in April and June 2017 through "faulty information" transmitted to him by employees. For the law firm, this information "was not correct", as it indicated that the bank's accounts were healthy and that the shares were expected to perform well, when days later the investor lost everything when they were written off after being sold to Santander.
The judgment explains that "the party legally obliged to provide correct information cannot object that the party entitled to receive such correct information should have taken the initiative and provided the information by its own means".
Thus, the ruling adds that "the consumer was not duly informed" of a "possible lack of solvency" not only of the defendant's liquidity, but also of the accounts presented by the entity during that time, which showed a loss in 2016 of 3,485 million euros.
The judge therefore ordered Popular, now Banco Santander, to repay the entire amount invested in the shares, plus interest, on the grounds that the shares were null and void.
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