Following the announcement by the European Central Bank of the non-viability of the Banco Popular and its subsequent purchase by Banco Santander overnight, the more than 300,000 Banco Popular shareholders lost all of their investment.
Given the current situation, from Balms Abogados we want to inform the shareholders, bondholders or investors of the Banco Popular that they have the right to claim in court as a safer way to recover their money, so we recommend to all those affected to contact our legal department that will study each specific case carefully.
The actions to be taken will depend very much on the moment in which the actions, the form and the context were acquired:
Purchase of shares on the occasion of the Banco Popular capital increase of June 2016
If you bought shares on the occasion of the Banco Popular's capital increase in June 2016 and the prospectus did not show the real financial image of the entity can claim the investment lost. The claim, in this case, would be directed against the Banco Popular and given the merger by absorption of it by Banco Santander, the latter would be responsible for universal succession.
In addition, article 38 of the Consolidated Text of the Securities Market Law establishes the responsibility of the issuer, offeror and administrators, as well as the guarantor and the principal entity. The entity would be responsible for damages that have been caused as a result of false information or omission of relevant information.
Purchase of shares on the advice of the entity itself
If it was the entity itself that advised and recommended the purchase of shares could also be claimed to Banco Popular the return of the investment for not receiving proper advice. However, it would need to be proven that it was the bank or some of its employees who recommended the purchase of the shares.
Purchase of shares with bank financing and pledge of shares
If the purchase of shares was made jointly with the bank's own financing and pledge of the shares, it can claim the annulability of both the purchase of shares and the loan agreements entered into with the bank.
The legal action is based on the existence of an invalidating vice of the legal business for the existence of error that affected the contractual consent provided in the contract with the bank. The annulability of the legal transaction for the subscription of the shares entails the nullity of the loan agreement and the reimbursement of the sums unduly paid.
Purchase of shares in the secondary market
In this case, it is understood that its subscription has been totally voluntary and its legal position will be more difficult to defend legally, unless it can be proved the mismanagement of the administrators or the existence of fraud or deceit in the products that go public. Notwithstanding the foregoing, we would have to analyze your case in particular and determine the liability of Banco Popular in the specific case.
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