The Spanish Supreme Court rules on the scope of abstract control of transparency in collective actions.
In its judgment 408/2020, of July 7, the Spanish Supreme Court ruled on a claim by a consumer and user association against Bankinter, an entity represented by Cuatrecasas, seeking collective injunctive redress on the nullity of several types of financial derivatives contracts.
The Supreme Court dismissed the association’s appeal before the Madrid Court of Appeals. The relevance of this judgment transcends the specific case because the Supreme Court rules on, among other issues, the scope of abstract control of transparency in collective actions, qualifying well-known caselaw, STS 9.05.2013, and stating that the same transparency rules of “floor clauses” cannot be applied automatically to other general conditions in which it is necessary to take into account the specific circumstances of the case, both objective and subjective. Therefore, this judgment has great relevance for the finance sector and for consumer matters in general.
Cuatrecasas lawyers Rafael Monsalve, Estefanía Portillo, Mario Mas and Francisco Miguel Pina represented Bankinter. Partner Antonio Pipó also participated in managing the proceedings.
The judgment handed down by Spanish Supreme Court establishes a new doctrine essential for defending financial entities against consumer collective actions.Rafael Monsalve, 2021