Sunday, December 5

The judge annuls the multi-currency clauses of the Barclays mortgages inherited by CaixaBank

CaixaBank branch.

CaixaBank branch.

The Commercial Court number 3 of Barcelona has partially estimated the class action lawsuit filed by Asufin against CaixaBank, declaring the nullity of multi-currency clauses that contained the mortgages marketed by Barclays and that CaixaBank inherited and condemning the bank to eliminate them from its contracts.

This would force the bank to restore ex officio amounts overpaid, without the affected parties having to litigate or appear at their offices.

In its ruling, the Court appreciates in said clauses a lack of transparency that is “abusive”, since it causes “a serious imbalance, contrary to the requirements of good faith”, since consumers were unaware of the “serious risks” which entailed the contracting of the multi-currency mortgage loan and, therefore, they could not compare that offer with those of other loans in euros in which said risks were not present.

It also considers that the aforementioned abusiveness It also aggravates the legal situation of the user, since it ignores the risk of under-guarantee in the case of depreciation of the euro against the currency in which the loan was denominated.

The sentence is not final, but against it it is possible to interpose appeal andn within 20 days of notification.

Asufin has held that this ruling forces to recalculate the loan in euros and to automatically return the amounts paid in excess, without the affected party having to litigate or appear in his office.

According to the association’s estimates, 1,450 million euros have been subscribed in foreign currency with an individual loss of 60,000 euros on average.

The president of Asufin, Patricia Su├írez, has affirmed that the sentence is “very representative of what the financial crisis of the previous decade, when the banking entities placed a multitude of toxic products that in court have been shown to be highly harmful to financial consumers, “recalling that lawsuits for abusive bank clauses are ruled in favor of the client in 97% of cases.

This is the third class action lawsuit filed by Asufin against the multi-currency clauses. After Barclays, filed in 2017, the rulings of Bankinter and Banco Popular remain to be known, filed in 2016.

Disappearance of libor

In another vein, Asufin recalls that it has denounced before the National Securities Market Commission (CNMV) and the Bank of Spain that a dozen entities with multi-currency mortgages continue not to inform their clients about the consequences of the almost certain disappearance of the Libor on December 31st.

This circumstance, according to Asufin, “could open a new judicial front because most of the deeds contain endorsement clauses that could be abusive. ”

Despite the fact that the CNMV recommended on January 13 to the exposed entities that they adopt “measures to adequately manage the transition“The association is aware that no entity has issued a statement to its clients to inform them of the disappearance of the libor and, where appropriate, of the reference rate that would be applied to their mortgage as an alternative.

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