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Fuster & Associates wins case against bank for mis-selling of financial product
Fuster & Associates has won a case on behalf of two pensioners who were mis-sold Preference Shares by their bank Novagalicia, now known as Abanca.
The two pensioners represented by Fuster & Associates were sold the complex financial products on the premise that they were not only relatively low-risk, but that it would also be possible to easily release the capital invested.
Neither of these conditions were actually the case with preference shares usually bought by professional investors or by those who understand that they are taking on a high-risk investment.
Our lawyer, José Ignacio Sánchez, argued the case on exactly this basis telling the court that the clients were of advanced age, were in no way financial experts and had only been informed of the positive aspects of the investment by the bank.
For its part, Novagalicia argued that the plaintiffs were claiming for an error which was nor reasonable nor accreditable.
However, the judge disagreed and the court ruled in favour of the two pensioners believing that enough evidence had been seen to show that when they had signed the contract they did not have a grasp of the fundamental concepts of the product or the financial risk which came with it.
Main image: Photo of the Murcia City of Justice. Photo credit | La Verdad de Murcia