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Popular shareholders still have time to choose to recover their investment


On August 28, the statute of limitations expired for those affected by Banco Popular who acquired shares in the secondary market take actions of responsibility. However, all is not yet lost. They can still demanding claims for damages and choose to recoup the value of your investment.

Those shareholders who bought Banco Popular shares on the sidelines of the capital increases of 2012 and, especially, 2016, had the possibility of exercising shares until June 7, since the limitation period is three years. But the exceptional circumstances due to the Covid-19 pandemic extended the period 82 days, until the end of August. However, "this prescription does not mean that this group of affected persons has lost all possibility of opt for the recovery of the value of your investmentn. They could still demand claims for damages, based on article 1101 of the Civil Code that regulates contractual liability, "they point out from Asufin.

They explain that, for this type of judicial claim, the statute of limitations is longer, since it is five years, with the exception of Catalonia, where the prescription is 10 years. In this case, the starting point for calculating the prescription of this claim for damages is the date of resolution of Banco Popular and, therefore, the injured shareholders who at the time they went to the secondary market are still on time to raise your claims.

As detailed from Rúa Abogados, the term to claim is different depending on the shares acquired in the capital increase in 2012 and 2016 and the titles purchased outside of them. In the first case, those affected can file an action for annulment by mistake as a defect of consent, whose term is four years, so expires August 28, 2021.

The association of financial users recalls that these shareholders also have within their reach the claim for damages, as happens with those who acquired shares in the secondary market and with the same limitation periods as those described in the previous point. Therefore, "for this large group of shareholders who saw the value of investments caused by the falsified information provided by the entity there is still time to initiate, if they have not already done so, the pertinent legal actions to get the return of the investment".

For its part, Unive Abogados ensures that with a extrajudicial claim those affected could "reset the counter" and this would give an additional three years to decide whether to initiate legal proceedings.

During the past year, 86% of the 142 judgments that were handed down against Banco Popular gave the reason totally or partially to the investor, according to the data collected in a report carried out by Fieldfisher Jausas. It details that there is a unanimous criterion of the courts that purchases made in the primary market are canceled by mistake in consent.

On the contrary, in secondary market purchases a distinction is made between whether they were carried out before or after the capital increase. If it is after the capital increase, the tendency of jurisprudence is to appreciate the liability action for falsification of the brochure, while in purchases prior to 2016, the liability action is usually decreed for issuing defective patrimonial information.


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