At issue is an interest rate swap agreement between Santander Totta and Lousada company of wedges Paper Factory, which however went bankrupt and changed the name to Sweatbusiness.
A case is in the bar of the courts since 2012, the year that the first instance of Lisbon had already decreed the nullity “swap” between Santander Totta and Lousada company later reiterated in a decision by the Court of Appeal which ordered the bank to return 2.2 million euros, plus interest, then having the Santander appealed to the Supreme Court now confirms the earlier decision.
Speaking to Lusa News Agency, Marine Falcon, Stationery Factory lawyer wedges, the court decision was due to the understanding by STJ’s character “speculative and therefore void,” the contract, since “there was a real risk coverage inherent in a loan agreement.”
According to the lawyer, the Supreme came to consider that this contract was speculative because “the relationship between the bank and the client there was a real risk coverage inherent in a loan agreement, but only a contract whose logic was based on a random element, which was an increase or decrease in interest rates. If the interest rate increase, the client won. If decrease, the customer had to pay the bank. Stray from any type of financing agreement, this is a purely speculative contract. “
By understanding that the contract is speculative, he explained, the Supreme Court concluded that it is void for violating public order and constitutional rule Article 99 according to which it is not allowed to carry on speculative activities that jeopardize the public interest.
No comments:
Post a Comment