Spanish court voids products on Mifid suitability grounds
A tribunal in Madrid (Court nº 51) has declared void two structured products sold by Banco Sabadell for failures around disclosure and suitability at the point of sale under the Markets in Financial Instruments Directive (Mifid) rules. The products, which were sold to a retail investor, include a buy or sell options contract - Contrato de Compra Venta de Opciones (CCVO) linked to a basket of stocks (Telefonica, Santander and Arcelormittal) sold in November 2010 for €70,000, and a structured deposit in which the client invested €280,000.
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