Spanish jurisprudence on the nulity of preferred shares

The First Section Spanish Regional Court of Cáceres (Sección 1ª de la Audiencia Provincial de Cáceres) decided Sentence 3/2013 on January 15 in which the Court declared the nullity of a purchase agreement of preferred shares on the grounds of a mistake regarding the consent of the individual purchaser.

The elements essential to understanding the Sentence include, among others, those that point to a lack of clarity in the contract: even if a contract explains that the product is a complex derivative, it may not provide a clear, precise, or simple explanation. In addition, the Sentence affirms that the mere delivery of the product and the well-known clauses of science do not prove that the information was provided.

 This article is not considered as legal advice

Mariscal & Abogados

Mariscal & Abogados is an international and multidisciplinary law firm with proven experience in diverse areas of the Law. Our working languages are English, German, French and Spanish. For any further enquiries please Contact us