Spain: Observatorio de la jurisprudencia de productos financieros complejos AÑO 2017

Last Updated: 9 November 2018
Article by Jordi Ruiz De Villa

Metodología

Esta es la sexta edición del Observatorio de Productos Financieros Complejos de Jausas.

Como en la pasada edición, se sigue el mismo criterio respecto al alcance de estudio. En este sentido, las sentencias de las Audiencias Provinciales se refieren exclusivamente a swaps y productos estructurados, ya que las relativas a participaciones preferentes y obligaciones subordinadas siguen siendo estimadas prácticamente en su totalidad. En cuanto a las sentencias del Tribunal Supremo, mantendremos los mismos criterios que en ediciones anteriores, examinando las resoluciones de swaps, productos estructurados y participaciones preferentes si bien, respecto de estas últimas parece consolidarse la tendencia seguida por las Audiencias Provinciales de estimación cuasi total de las reclamaciones formuladas.

Para la elaboración de este estudio se ha utilizado la base de datos de CENDOJ y Westlaw (editorial Aranzadi) relativa a sentencias de Audiencias Provinciales y Tribunal Supremo.

Como en años anteriores, las sentencias de Audiencias Provinciales se han clasificado por productos, expresando de forma numérica y por porcentaje las resoluciones dictadas a favor y en contra de los inversores. Asimismo, hemos dividido las resoluciones analizadas entre las relativas a inversores particulares y Pymes, habida cuenta las diferencias, todavía notables, en cuanto a porcentaje de éxito de las reclamaciones planteadas por cada uno de ellos. Adicionalmente, se ha elaborado un análisis comparativo con los resultados de los ejercicios anteriores, incluyendo conclusiones sobre la evolución de los datos.

Respecto a las sentencias del Tribunal Supremo, se han comparado las resoluciones a favor y en contra de los inversores con las dictadas en años anteriores y seguidamente se ha estudiado cada producto en particular.

De igual modo, hemos querido destacar las sentencias más relevantes del 2017, tanto del Tribunal Supremo como de las Audiencias Provinciales, así como las del primer trimestre de 2018, incluyendo algunas resoluciones de Juzgados de Primera Instancia.

El copyright del presente estudio pertenece a Jausas Legal y Tributario SLP.

Introducción

Tras unos años en los que el número de resoluciones judiciales contra entidades financieras se había incrementado exponencialmente, en el año 2017, al igual que sucedió en el año 2016, observamos una disminución del número de sentencias.

En este sentido, las sentencias dictadas en segunda instancia han pasado de 512 resoluciones en el 2016, a 409 sentencias en el 2017. Ello viene motivado por el gran descenso de las reclamaciones planteadas relativas a swaps, que, a pesar de ello, siguen siendo un número considerable.

Mientras tanto, las sentencias del Tribunal Supremo se han duplicado, pasando de 79 a 158 en solamente un año. Esta cifra de sentencias es insólita, y según el catedrático Ángel Carrasco Perera copa la mitad de las sentencias de la sala Civil del Tribunal Supremo.1

Desde un punto de vista del producto financiero, aun cuando el presente informe trata únicamente los swaps y productos estructurados, podemos afirmar que hemos constatado una incipiente avalancha de reclamaciones civiles y penales en relación con la resolución del Banco Popular que ha tenido algún reflejo en sentencias de primera instancia, y que, una vez lleguen a la segunda instancia, se incorporarán al presente observatorio.

En cuanto al producto estrella objeto del presente estudio, el swap, merece especial mención el hecho que, cuando se examina el comparativo desde el año 2012, se observa que el número de sentencias de Audiencias Provinciales favorables a inversores asciende en 6 años a 3.410 sentencias de las que 2.075 son de Pymes y 1.335 de particulares, lo cual demuestra hasta qué punto han existido unas malas prácticas generalizadas en la comercialización de swaps.

Continuando con los swaps, y a nivel cualitativo, conviene destacar la Sentencia de 19 de febrero de 2018 dictada por el Pleno Tribunal Supremo, que cambia su doctrina en relación con el plazo de caducidad de la acción por anulabilidad por vicio en el consentimiento, indicando que a partir de esa sentencia su cómputo se inicia al vencimiento del contrato de swap (y no cuando tuvo lugar la primera liquidación negativa). Ello conllevará, por un lado, que pueda producirse un incremento en el número de reclamaciones por aquellos inversores que suscribieron swaps a muy largo plazo (normalmente de cuantía muy elevada). Por otro lado, mejorará el porcentaje a favor del inversor porque muchas Audiencias Provinciales (y el propio Tribunal Supremo hasta entonces) equiparaban el inicio del plazo de caducidad con el de la primera liquidación negativa.

En otro orden de cosas, también debemos subrayar la resolución dictada por la Comisión Nacional de Mercados y la Competencia (CNMC) de 13 de febrero de 2018 que ha impuesto una sanción de 91 millones de euros a Caixabank, Banco Santander, BBVA y Banco Sabadell por la venta de derivados por encima de precios de mercado. Esta resolución es importante porque a) el denunciante es una empresa profesional de energías renovables; b) constata la existencia y generalización de malas prácticas bancarias de las entidades financieras en los Project Finance comercializados durante el período que media entre 2006 y 2016; c) subraya que las obligaciones de lealtad, transparencia e información de la entidad financiera resultan igualmente exigibles cuando el cliente sea catalogado como inversor profesional y d) clarifica las obligaciones de las entidades financieras y del banco agente resolviendo de forma favorable a los inversores algunas de las cuestiones suscitadas en numerosos procedimientos civiles (sobre todo de cuantía elevada).

Hay que recordar que la resolución de la CNMC dio lugar a la creación del primer "Observatorio de Jurisprudencia de Derivados Financieros en Empresas de Energías Renovables" de Jausas, cuyos resultados son mucho más favorables al inversor que los que refleja el análisis general a que se refiere el presente informe.

Respecto de los productos estructurados el informe demuestra la estabilización de los porcentajes favorables a los inversores.

A la vista de todo ello, y respecto de los productos a que se refiere el observatorio, la tendencia previsible es que aumente el número de acciones judiciales (y también de sentencias), y en especial las que afectan a empresas de energías renovables y a derivados de tipos de interés de cuantía relevante.

Footnotes

1 CARRASCO PERERA, Ángel. Catedrático de Derecho Civil de la Universidad de Castilla-La Mancha Consejero académico de Gómez-Acebo & Pombo. El estado actual de la jurisprudencia sobre la validez y nulidad de los contratos de permuta financiera (swaps). Mayo 2017.

http://www.gomezacebo-pombo.com/media/k2/attachments/el-estado-actual-de-la-jurisprudencia-sobre-la-validez-y-nulidad-de-los-contratos-de-permuta-financiera-swaps.pdf.

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