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Thursday, 01 September 2016 12:29

Million-dollar lawsuits for Spanish real estate bankruptcy Banking (2004-2006)

They are more than 600,000 affected by the real estate collapse that occurred between 2004 and 2006. Billions of euros were derived from the bankrupt property developers and unfinished projects.

Now the banking heiress concentration since 2009 the real estate sector will face a wave of lawsuits. Old savings with financial risk, the bursting of the housing bubble and the recent success of law firms in shaping mass lawsuits supported by Supreme Court rulings, presented demands that they should be charged like millions responsibilities which they have been faced by ground clauses, preferred, marketing of complex products or IPOs. This wave of lawsuits could affect banks such as Banco Popular, Bankia, BBVA, CaixaBank and Sabadell, among others.

The basis of the claim is the advancement of capital that tens of thousands of individuals paid to housing developers who sold them plan or proposed more than a decade.

According to the Law 57/68 enacted in the pre-democratic regime developmentalism, the money advanced by buyers to a promoter must be recorded in an account covered by insurance and separate from any other funds of the promoter, which may only have him for the construction of housing. "For the opening of these accounts or deposits the bank or savings bank, under its responsibility, require a guarantee," adds the statement. This responsibility is that the absence of a guarantee or insurance may have to take entities as explained by the judge rapporteur of the Civil Chamber of the Supreme Court, Francisco Marin Castan in the judgment last December.

The outbreak of the crisis and the disappearance of promoting companies left without the amounts advanced to tens of thousands of savers. Now law lawyers specializing in massive lawsuits have asked all the people who were affected (as Spanish Legal Reclaims 600,000) to claim their money to banks that held those accounts.

In Barcelona, the firm Spanish Legal Reclaims (SLR) created by Luis Cuervo, has launched a campaign to attract customers in Spain and the rest of Europe (were Spanish customers affected not only. It is estimated that of the 600,000, 180,000 were British and German) to claim the money defrauded banks. From today, Spanish Legal Reclaims start sending extrajudicial requirements to entities representing a portfolio of 500 customers claiming 40 million euros, giving an average of 80,000 €. "It will be a long process. We can be two or three years without seeing a hard" Cuervo explains that he says has a "solid and proven" legal basis.

Specialized offices as Arraiga Associates Madrid or SF Lawyers Barcelona include massive complaints among its services.

Digital Newspaper El Mundo