A judge from Orense condemns Santander to return 1.7 million to a Banco Popular investor

The sentence comes four months before the expiration of the action of error in the consent by the resolution of the bank resolved four years ago.

Popular Bank.

The Court of First Instance of Orense has ruled against Santander by decreeing the nullity by mistake in the consent of two purchases of shares of Popular for an amount of 1.5 million plus 200,000 euros in interest.

This sentence, the highest amount to date, comes four months before the action of error in the consent by Popular’s resolution expires, without the possibility of its being extended, as explained from the office Fieldfisher Jausas.

The ruling rejects two reasons for suspension requested by Santander. On the one hand, the bank requested wait for the preliminary question to be resolved raised by the Supreme Court before the Court of Justice of the European Union (CJEU) in relation to qualified investors of the Bankia case.

Through this question, the Supreme Court sought to confirm whether qualified investors can also allege the inaccuracy of the prospectus to execute a civil liability action, on which the General Counsel of the CJEU He has already answered in favor twice.

In this sense, the Court of First Instance of Orense refuses to wait for the resolution of this preliminary ruling, given that the plaintiff is a retail investor even though the amount claimed is high.

Shareholder or investor

On the other hand, Santander asked to wait for the preliminary ruling raised by the Provincial Court of A Coruña before the CJEU, in which it is requested to clarify whether the European regulation of resolution of financial institutions, which drops the weight of the resolution on shareholders, among others, is compatible with compensation actions from those shareholders who went to the capital increase a few months before.

Regarding this request, the Court of First Instance responds that the claim for nullity is not exercised as a shareholder but as an investor who relied on information that turned out to be untrue.

“Considering that the next august 28 The deadline for filing annulment actions due to an error in the consent ends and that this term is not extendable, it is foreseeable that large companies and patrimonies that bought shares in the primary market will not wait any longer to file their claims because they run the risk of not arriving on time ”, he points out Fieldfisher Jausas partner, Jordi Ruiz de Villa, director of the procedure.

The lawyer trusts that the sentence “will be confirmed” despite Santander’s appeal, “since the jurisprudence of the provincial hearings is sufficiently mature even for qualified investors ”.