Preparing a Class Action against Banks for lack of BGs

As said in other threads, our Firm strongly believes that the best way to recover the amounts paid in advance for the never-built properties of ACC is a lawsuit against the banks the payments where made in.

We are being succesful in this kind of claims related to the developments Herrada del Tollo (against BBVA and Banco Pastor) and Trampolin Hills (against La Caixa).

Of course, we know the enemy is not a small one, and, regardless the size is not important, we consider a class action would be really a good option.

winning the case EASY.....banks will appeal to high court.........still no money....years pass we get conned again !!!!

Dear jackb, I'm sure you have your reasons to be so pessimistic and hopeless, but I strongly disagree with your speech.

Winning the case is not easy, but if you match the conditions, have the adequate proof and your solicitor leads you well, the most sure is that you win it.

Well, imagine you've won against the bak in First Instance.

Before going to High Court, there's an Appeal in the same province as the First Instance Court. The Appeal Courts of Alicante have no doubt on confirming the judgments that obbly the banks to pay back.

However, if the bank appeals to the Province Appeal Court, this won't imply you to afford any payment, as you can deal with your solicitor that any fees for the Appeal should be paid after it is finished. The banks will have to pay the "Judiciary Tax" for the appeal.

And, on top of that, you can execute the First Instance judgment, and get your money and your interests, with the compromise of returning them if the bank wins the appeal.

OK. Imagine the appeal confirms the First Instance judgment. You kee your money, your solicitor will be more than happy, because the bank will pay for the appeal fees...

Can the banks appeal to the Supreme Court? Well, that's not that easy, my friend. The Supreme Court is not a "third instance". It's just an extraordinary instance to which only a few cases have access. The conditions to enter an Appeal for the High Court are: 1) Procedural error 2) Legal infraction or 3) Litigious amount over 600.000 €. In fact, the High Court usually requires 1) or 2) + 3)

So, the possibility of appeals to the High Court is very unlikely.

And, if you won in first instance, YOU WILL HAVE YOUR MONEY ALL THE TIME as you can, as said before, execute that ruling.

Please, try to be more optimistic 

Hi Lucas

In the UK, banks and insurers sold a type of insurance product that protected peoples payments on loans and credit cards etc in case that person was unable to work and hence could not pay the premium.  The insurance is now known as PPI and it was found to have been sold to people who didn't need it or in such a way as to make the insurance a condition of providing the loan - no insurance, no loan.  Sometimes the insurance was included automatically without the person being aware. 

UK banks have set aside billions of pounds in order to repay people and in many cases make repayments in days not months or years.  See http://www.moneysavingexpert.com/news/tag/ppi to get an idea of what has been done.

I would urge you and others in positions of influence to try to persuade the Spanish banks to adopt a similar approach with regard to Law 57/68.  In my own case, the bank I paid money into has already been ordered to repay others who paid money into the same account for properties on ACC.  How can they now refuse to repay me (and others in the same boat)?  They should man up and face the consequences and make provision to repay everyone who paid money into that account for properties they never received, with or without a building guarantee.