Our firm has achieved a new success in banking law. This is an agreement reached with Banco Santander, so that one of our clients can recover more than 25,000 euros invested in Valores Santander without going to trial, despite the fact that the four-year period for making a claim has elapsed.
The signing of this agreement, by which Banco Santander agrees to return to our client more than 25,000 euros invested in Valores Santander, is an incentive for thousands of affected people who lost part of their savings by trusting in this type of product.
As Bufete Salmerón has been stating, it is possible to continue claiming the return of the amounts invested in Valores Santander after four years have elapsed from the time of the mandatory share exchange, i.e., after 2016.
The truth is that after a tough negotiation, we have recovered for our client the amount of 25,000 euros once the corresponding claim against the financial institution was filed.
In this case, the bank called our client in September 2007 -during the economic crisis-, offering him to invest in a “risk-free” product, with profitability and that he could redeem annually. Given the advantages offered and the trust placed in the branch manager, our client ended up buying five securities of the financial product Valores Santander, for a total amount of 25,000 euros.
However, the reality was quite different. It was an issue of bonds convertible into shares worth 7 billion euros, with which the bank wanted to make huge profits.
The product offered investors a high interest rate of 7.5% APR in the first year and, from the second year onwards, a remuneration of Euribor +2.75%. It was through this attractive interest rate that we managed to increase sales.
But our client, like so many others, was actually acquiring a future purchase of shares with the possibility of voluntary redemptions on the dates decided by the financial institution and a mandatory redemption in 2012 in which the investors’ savings were to be converted into Banco Santander shares at a fixed price of 12.96 euros.
Thus, at the time, the market price of the bank’s shares stood at 5.9 euros, so thousands of people, including our client, lost more than half of their savings.
In this case, the client contacted our firm and, in a few months, Bufete Salmerón reached an agreement without going to trial by which Banco Santander will return 25,000 euros to the affected person, deducting from the amount obtained by the client after the sale of the shares.
If you are one of the thousands of people affected by the Santander Securities, do not hesitate to send us the contract you signed and the statement of the securities to administración@bufetesalmeron.com or call us on 954 53 60 38 and 695 69 48 47, the team of expert lawyers of Bufete Salmerón will evaluate your case within 24 hours without any obligation.