Once again with the swaps and other complex financial products: there is still time to claim
When we thought that companies who has been affected by financial products were losing their chances to claim against the financial institutions, basically, because of temporary issues, the Supreme Court (hereinafter, also as “SC”) have shed light on that issue again by allowing more time to them in order to sue the Banks which commercialized such products without regarding the existing Law. The recent sentence of the Plenum of the First Chamber of the SC, announced on February, 19th, 2018, sets out that the time-limit in order to seek the nulling legal action because of lack of consent should start once the contract has been completed, with this being understood to be the conclusion or termination date of the contract, which could not been brought forward to a previous moment such as the noticing of the negative settlement by the client, what has already been interpreted by some courts prior to that sentence.
Moreover, when the Banks were still recovering from this new setback, the Plenum of the First Chamber of the SC, on April, 17th, 2018, handed down a new sentence, the no. 222/2018, against their interests. In that ruling, banking institutions were told off once again because of the infringement of their information duty, to which were legally bound. The SC establishes that the so-called convenience test do not absolve the Banks from their information obligations regarding complex financial products contracts.
As a result of this new jurisprudence, this might be a good time to reconsider your options to claim for these products in situations that, so far, have been considered lost.