October 20, 2020

“Bankia has already returned the money to a large majority of retailers”




The ruling of the Criminal Chamber of the National High Court acquitting Bankia’s leadership due to its IPO will not have a great impact on refunds to retailers. Since the ruling of the Civil Chamber of the Supreme Court in 2016, “Bankia has already returned the money to a large majority of retailers”, as recalled from Asufin. «It is for this reason that Bankia undertook the return of the amounts. But there must still be something, very little, lawsuits that also require the refund of the legal interest of the money and costs ”, explains a spokesman from the Association of Financial Users.

In addition, the president of Asufin, Patricia Suárez, called the ruling of the National Court “disappointing, incoherent.” From Asufin they explain that it is “contradictory” that the top leaders of the entity have been acquitted by criminal means after the previous decisions of the Supreme Court and that even Bankia has returned all the investment to the retail shareholders.

In a statement sent to all the media, Asufin also criticized that the sentence conveys lack of individual responsibility in Spain. «In the US, the culprits in the Lehman Brothers and Madoff cases have been completely professionally ousted and out of the system. In our country there are no culprits, “adds Suárez.

Regarding the cases that are pending, from reclaimer.es they consider that the ruling will make the processes more difficult. «This sentence it will undoubtedly be used by Bankia (or the new entity already resulting from the merger) in all those cases that are pending to resolve in the civil jurisdiction, “says Almudena Velázquez, a lawyer for the claims portal. “Although it was not necessary for the facts to be proven as a fraud, the discussion of its IPO focused precisely on the inadequacy of Bankia’s real image with the published prospectus,” she adds.

«Cases that, however, have already been resolved by final judgment cannot be reviewed since our Law is governed by the value of res judicata, which can only find exceptions through a review appeal that does not contemplate this type of assumption , as the Supreme Court has already had occasion to declare, for example, with the judgments of the CJEU revoking its doctrine “, argues the lawyer. from reclamador.es.

Prevent “other abuses”

For its part, the accusation 15MpaRato has directed a petition to the Government after hearing the sentence for the listing of Bankia, to change the laws and protect the Spanish population from “irresponsible financial and systemic management of interest general”.

In their brief, this group appeared as a private prosecution in the ‘Bankia case’ states that there is no legislation or sufficient legal guarantees that allow avoiding “a similar catastrophe” and that a large part of the “systemic failures” that they put into evidence during the judgment “can happen again.”

For this reason, it calls for a substantial legislative change that “prevents other abuses in the future” that is specified in three petitions, starting with preventing the “interested sale” of financial products with “inaccurate and incomprehensible” information for consumers.

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