Have you been affected by CAM Bank Participating Shares (Cuotas Participativas)? Notes on this toxic banking product.

If you are one of the unfortunate customers who has been deceived by the CAM Bank in having been sold Participating Shares, then you should be aware that:

.-these shares are a complex investment product,

.-in the event of insolvency of the entity their holders will be the last in line to get paid, 

.-they are also a perpetual investment, i.e: there is no time to recover the money invested.

Thus, according to Spanish courts and in accordance with Spanish legislation, when they decided to sell and commercialize these shares, the CAM should have required interested potential investors take a suitability and appropriateness test to determine whether it was an appropriate product for the individual or not. Unfortunately, this product was sold to retail customers who were inexperienced in complex investments. We understand that the CAM should have advised all non-expert investors not to purchase them.

CAM also had an important information obligation (Article 79-bis, of the Securities / Stock Market Law), to inform potential investors in an adequate, clear and easy to understand way, about the risks of the product, potential expenses, costs, consequences, etc., so that the client could make an informed decision about their willingness to invest or not. Unfortunately, CAM did not inform investors of the complexity of the product and the difficulty or impossibility of recovering the money invested.

Fortunately, as has happened with other toxic banking products, such as preferred shares, subordinate shares, etc., Spanish courts are granting court decisions in favor of affected consumers, declaring null and void these purchase contracts of CAM participating shares, and forcing the bank, now Sabadell, to pay back the money paid by investors.

In this sense, in the province of Alicante, there are court precedents in favor of investors, including:

.- The Court Decision from the of First Instance Court No. 2 in Benidorm, in its Judgment number 97/2015 of 14/04/2015.

.- The Court of First Instance No. 1 of Alicante, in its judgment No. 168 of 09.07.2013.

.- The Provincial Court ( Appeal Court) of Alicante, Section 8, in its ruling No. 94/14 of 30/04/2014.

Therefore, if you were sold Participating CAM Bank Shares, and you are not an expert in complex investments, and the bank did not inform you about the complexity of the product you were buying; you can claim for its purchase to be declared null and void, and request the return of your investment, plus interest and expenses.

Contact us and we will help you.


The information provided in this article is not intended to be legal advice, but merely conveys general information related to legal issues.


Carlos Baos (Lawyer)

Spanish solicitor -barrister.

Alicante, Denia, Costa Blanca Marina Alta

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