Interview with Ignacio Ferrer-Bonsoms on La Caixa Swap Judgment
We recall our press coverage regarding the first judgment on a SWAP, where our client sued La Caixa.
Interview on the First Swap Judgment
It was obtained by our office in Pamplona. On this page, we link the interview for the judgment rendered by the Court of First Instance No. 1 of Tudela, dated January 31, 2011.
It was the first one to condemn the entity La Caixa for selling a swap to three affected parties.
Previously, the entity reached an agreement with nine affected parties (out of twelve). A collective lawsuit was filed by the affected parties for the aforementioned product.
The interview with Ignacio Ferrer-Bonsoms regarding the nullity of the swap can be found at this internet link:
Media Impact
It’s worth noting that the judgment received significant media coverage in Spanish outlets, such as the El Mundo newspaper.
Nullity of the Swap Contract
The judgment declared the swap contracts null and void and sentenced La Caixa to refund a total of 17,611 euros plus interest for the amounts that clients had to pay due to the decrease in interest rates.
Misleading and Confusing Swap Information
The judge considered that the information provided to the clients included “misleading and confusing” terminology. Furthermore, “behind which lies the true nature of the ‘swap’. Finally, in which, in a “veiled, vague, abstract, residual, and contradictory” manner, the possibility of an economic risk for the client is established.
Additionally, publicity must be given by publishing the dissolution agreement in the BORM, in one of the newspapers with the highest circulation in the city where the domicile is established, and by registration in the commercial register.
The SWAP as an Insurance
It was also demonstrated that the branch director offered the swap as if it were insurance. At no time during the pre-contractual phase did he explain not only the true financial functioning of the ‘swap’, but also the risks assumed.
Furthermore, in early 2008, La Caixa was already aware of forecasts indicating a decline in interest rates, as reflected in an internal study by the entity and the Bank of Spain in its Economic Bulletin for the month of March, which established interest rate forecasts for that year of 4.3% and for 2009 of 3.7%.