A court annuls the multi-currency clauses of CaixaBank’s Barclays mortgages

The bank must return the amounts paid in excess, without those affected having to litigate, although there is an appeal against the sentence.

This is how the new CaixaBank looks at the old Bankia headquarters in Madrid and Valencia

The Commercial Court number 3 of Barcelona has partially upheld the class action lawsuit filed by Asufin against CaixaBank, declaring the nullity of the multi-currency clauses that contained the mortgages marketed by Barclays and that CaixaBank inherited and condemning the bank to eliminate them from its contracts.

This would oblige the bank to automatically return the amounts paid in excess, without the affected parties having to litigate or appear at their offices.

In its ruling, the court appreciates in said clauses a lack of transparency that results “Abusive”, since it causes “a serious imbalance, contrary to the requirements of good faith”, since consumers were unaware of the “serious risks” involved in contracting the multi-currency mortgage loan and, therefore, could not compare that offer with the of other loans in euros in which said risks were not present.

Abuse

Likewise, it considers that the aforementioned abusiveness also aggravates the legal situation of the user, since it ignores the risk of under-guarantee in the case of depreciation of the euro against the currency in which the loan was denominated. The sentence is not final, but an appeal can be filed against it within 20 days of its notification.

Asufin It has concluded that this ruling requires the recalculation of the loan in euros and the ex officio refund of the amounts paid in excess, without the affected party having to litigate or appear at its office.

According to the association’s estimates, 1,450 million euros have been subscribed in foreign currency with an individual loss of 60,000 euros on average.

The president of Asufin, Patricia Suarez, has affirmed that the sentence is “very representative of what the financial crisis of the previous decade entailed, when the banking entities placed a multitude of toxic products that in court have been shown to be highly harmful to financial consumers”, recalling that lawsuits for Unfair bank clauses are ruled in favor of the client in 97% of the cases.

This is the third class action lawsuit filed by Asufin against the multi-currency clauses. After that of Barclays, filed in 2017, the judgments of Bankinter and Banco Popular, filed in 2016, remain to be known.