Duped by Santander securities?
—————- ◊ —————-
With the aim of being able to finance and acquire the Dutch bank ABN AMRO, in 2007 the Banco Santander carried out an issue of securities called Santander Securities. The sale was rushed and the entity began marketing even before the registration of this financial product with the CNMV.
In addition, these securities were offered by the workers of the entity as a loan that offered a high interest, however, the risk that the purchase of this product could entail was not communicated. This was one of the ads the entity used to raise funds.
With the arrival of the crisis on the stock market, the share price plummeted and in October 2012, the owners of Valores Santander were forced to pay 16 euros for shares that did not reach 6 euros. With the change, customers lost almost half their investment.
Due to the risk of loss that this product entails, it should only have been offered to professional investors, however, it was offered to unskilled individuals, retirees and private retail investors.
In 2007, almost 130,000 people bought Santander Securities, also called Convertible Bonds or Yellow Product from Banco Santander. At 2012 they were transformed into Santander shares losing almost 60% of the initial investment.
Who can claimn?
All people that bought these Santander Securities, whether private individuals, companies or associations. And we’re all in time to claim.
Why can they claim?
Because these Santander Securities were sold without warning of their great complexity and serious risks. And this is severely forbidden by the Law. For this reason you can still claim and even if you have sold the shares in which these Santander Securities were converted. You can always claim the lost difference.
But be aware: the deadline to claim starts at the fall of 2020…
What we need to claim
A copy of the original purchase order from September or October 2007. That’s enough.
If you can’t find it that Purchase Order or the bank doesn’t give you a copy, we can ask it for you.