Section 14 of the Provincial Court of Madrid has declared void a structured deposit sold by Banco Sabadell to retail investors. The ruling confirms a previous decision by the Court no. 51 of Madrid of January 29, 2018, in which the bank was ordered to redress the investor with the capital invested plus any interest accrued over the life of the product.
The Court noted that ‘the defective – when not non-existent, information provided to the investor about the risks and the profile of the product’. The product – a buy/sell options contract or Contrato de Compraventa de Opciones (CCVO), of which the investor purchased €70,000 in November 2010 was linked to a structured deposit in which the investor allocated €280,000 on May 2011. The product had a worst-of payoff profile and was linked to three Spanish stocks in
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