The Commercial Court number 2 of Bilbao has declared void a contract swap or interest rate, known as 'swap' , sold by Banco Santander , leading to losses of 150,000 euros an SME, as the ruling last March 15.
Judge cancels the contract for "error on consent" arising from the lack of information received by the customer by the financial institution before signing the contract 'swap', which is a product qualified as hazardous to the investor.
"What is sold as a product to ensure certain financial risks becoming just a loss in this case slightly exceed the negligible amount of 150,000 euros, "said the judge at sentencing.
addition, the judge found that the entity has failed to prove the reason that "where there was a safe product, it is a risk bet (end that is concrete at the time of loss arising to the client); without which the bank will reveal what specific capital or assets put at risk in this whole operation. " The
'swap' contracts are mass-marketed by banks since 2007, protecting the client of a possible rise in interest rates on loans contracted with the bank.
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