Pensioner beats the bank

Fecha Publicación: 
11 Mayo 2012

A PENSIONER from Castellón has won a case against a leading high-street bank and will receive compensation after the entity invested and lost ¤24,000 of her savings in the same 'participaciones preferentes' that are part of the CAM scandal.

Costa Levante News | Noticia

The elderly woman was convinced to put her money into 'participaciones' in an Icelandic bank that was nationalised and thus effectively prevented her from recovering her investment.

A court verdict has now forced the intermediary financial institution to refund the money she had invested in the 'preferentes' plus paying damages.

The ruling states that the contract signed between the son of the complainant on her behalf and the bank is 'a dark document that does not properly explain the product being acquired'.

According to the judge, the bank 'failed in its duty to keep the client adequately informed at all times' and merely sold the product with no further advice. 

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