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Bankia Shares, Floor Clauses, Preferred Shares and Subordinated Debentures

Roithers Legal Group is a law firm recognized nationally and internationally specializing in banking and finance law, which results in a high percentage of success and satisfaction among our customers. This allows Roithers Legal Group show the best guarantee of our commitment and specialty “NO WIN, NO FEE“.

From the Department of Banking and Finance Law, will provide the best legal services to formulate their claims in the following areas and with the guarantee that our work is to be translated into a success for our client, because if he is not so we do not charge:

The opinion issued by the Bank of Spain showed that BANKIA accounts submitted prior to the Public Offer for Subscription in June 2011 did not reflect the true and real image of the financial and patrimonial situation of the entity, which gives the possibility that those individuals and entities who subscribed shares in the financial institution can claim against it in order to recoup their investment.

How can claim the money invested?

The only way to reclaim passes go to the courts, since unlike what happened with the preference shares, in this case not opened any consumer arbitration for those affected.

In the courts the possibilities are also diverse, since it is possible to go to criminal proceedings (criminal proceedings are under way, by means of which it has established a scalable joint surety 800 million to ensure accountability of Bankia, its parent BFA and some of its former directors); a civil action (requesting the contractual nullity based on the existence of error or fraud in the granting of consent); the commercial action (forgery, since there are indications that the information included in the prospectus of the IPO was distorted) and even administrative (for liability to the State for dereliction of duties of Bank Spain and CNMV).

Who can claim against BANKIA SA?

They are entitled to claim those who subscribed BANKIA shares between July 2011 and May 2012. Similarly are prejudiced because of the loss of market value for alleged falsification of accounting situation of the bank investors who bought shares prior to listing BANKIA, and therefore are entitled to claim.

Do you only can claim up to 25 May 2015?

Depending on the proposed action deadlines varies. In the case of invalidity action by reticent Dolo for to mislead by the information available at the time of IPO of the entity (Prospectus and the information leaflet) exercise period is 4 years from date of purchase order signed by the owner.

However, the procedure most recommended is the commercial way for liability for the information contained in the prospectus for the IPO under the Law of Securities Market, which barred after three years so that the final date would be 25 May 2015 (restatement of accounts), although it is preferable to present before the end of this month.

Is it possible to recover all the investment?

Yes. In the claims made by the team of lawyers specializing in banking law of Roithers Legal Group 100% of the investment plus legal interest provided for in these years is requested. A date hereof, and there are many favorable judgments throughout the national territory.

What documentation must I submit?

Retailers must submit one of two documents: extract settlement securities account from 1 July 2011 or the receipt of settlement of the purchase of the shares of Bankia. If the affected has sold part or all shares, you must also bring a receipt from the sale of securities.

How much will it cost me make the claim?

We formulate the claim at risk, so that the client does not advance or credit any amounts so far to recover their money (and if well get your money’s the judgment imposes costs to pay these fees, the customer would not pay any amount nor winning).

What is the floor clauses and the roof clauses?

Often, mortgages or adjustable-rate mortgages may contain a clause limits the interest rate variability, either as to the minimum applicable (floor clause) or on the maximum (roof clause), or as to both. This causes the regardless of developments in the interest rate can never apply one below and/or above said floor or roof, respectively. According to estimates from the Bank of Spain, between 30% and 40% of mortgages signed in Spain contain this clause. There are approximately 1.7 million mortgages floor clauses, that represents almost one of every three mortgages.

How can it affect my mortgage?

Contain a floor clause in the mortgage after the fall of Euribor in recent years prevents you have benefited from the reference interest rate when it (plus differential, if any, regardless of bonuses for recruitment of certain products or services) is lower than the floor clause. The incorporation of these clauses by banks has meant paying, on average per mortgage, 1,000 Euros more per year, that is between 70 and 80 Euros per month.

How I can know if my mortgage has ground?

Floor Clause normally appears in the mortgage loan deed under headings such as “limits the application of variable interest”, “limit variability” orvariable rate“. Under that rubric often described the content of the floor clause in a small number of lines where indicated, in short, the applicable interest rate can never be inferior, or possibly superior to a certain type of interest.

How I can nullify the floor clause of my mortgage?

From Roithers Legal Group always believed that the best way is to carry out extrajudicial managements that are convenient with the bank that maintains the application of the clause.

In the event that the bank fails to comply with our pretensions through extrajudicial negotiation, we should go to the courts. Illustrative is the first pronouncement issued by our High Court by judgment of the Plenary of the Civil Chamber of the Supreme Court of 9 May 2013 in relation to this matter, understanding that the legality of the floor clause is conditional on the special transparency chargeable not individually negotiated clauses governing the major elements of consumer contracts is observed.

Therefore, the court will conduct a double check of transparency, so that in the event that the inclusion of the floor clause in our mortgage does not exceed this dual control, the result will be their annulment of the mortgage.

How much will it cost me make the claim?

We formulate the claim at risk, so that the client does not advance or credit any amounts so far to recover their money (and if well get your money’s the judgment imposes costs to pay these fees, the customer would not pay any amount nor winning).

What are the preference shares and subordinated debentures?

Preference shares and subordinated debentures -capital hybrid instruments- are complex and high-risk financial products, not only for its performance in terms of its profitability difficult to track, potentially perpetual maturity, illiquid secondary market AIAF in which traded, and especially lack of security or investment security (not being covered by any guarantee fund), but also by the complete ignorance of its real scope, given the finally contracted terms.

In addition to issues by banks, have produced emissions of hybrid products by Corporations as Repsol, Eroski, Union Fenosa, SOS Cuétara, Fagor, Endesa, Sol Meliá and Telefónica.

How can you recover your capital?

After implantation remove system endorsed by the Executive through the FROB, and closure for arbitration for Bankia, Abanca (old Novagalicia Bank) and Caixa Catalunya entities, many families continue their savings held in the conviction of things were hiring was, in most cases, a deposit or fixed-term deposit based on confidence in personal of the institution.

Civil proceedings for nullity contractual based on lack of consent by mistake and Dolo as a means most recommended, where there has been a complete deficiency of information by banks in the marketing of these hybrid capital; especially if the risks were omitted, if they were classified as risk-free product or conservative profile, if they are advertised as complex or not warned about the time of investment, liquidity risk and / or degree of subordination, and existence defects in the contractual documentation. In turn, the entity should have collected relevant data on the customer profile (test MiFID or equivalent document). Regarding the effects of nullity, you can view more detailed in the following post.

What documentation must I submit?

In order to sue by means of an individual action for contractual annulment, it is necessary contract deposits, purchase order, as well as documents evidencing the exchange effected.

How much will it cost me make the claim?

We formulate the claim at risk, so that the client does not advance or credit any amounts so far to recover their money (and if well get your money’s the judgment imposes costs to pay these fees, the customer would not pay any amount nor winning).

In Roithers Legal Group offers legal services to those affected by Clauses floor on your mortgage or other bank products (preference shares, subordinated debentures, swaps, mortgage rate IRPH) and everything related to the famous shares of Bankia, performing a professional view by our lawyers specializing in banking and finance law. Will study your case a personalized way, according to their personal circumstances and the circumstances of the contract. And, most importantly, we also offer a solution: petition the courts the nullity of the clause, not applying and restitution of the amount the customer has been paying too much as a result of Floor Clause and help you recover your investment if you have Bankia shares.

Do not hesitate to contact Roithers Legal Group, which will offer a solution to recover what is rightfully theirs. And remember that claiming for can win.


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