Judgement of the Supreme Court of Justice of March 17, 2015

Intermediation Agreements – Banking and Contractual Liability – Limitation Period

The present decision analyzes, on one hand, issues related to the expiry period of the intermediary’s liability for agreements in which he has intervened in this capacity and, on the other hand, the civil liability of the intermediary for damages caused to the client.

Regarding the intermediary’s liability, the appeal court determines that, although the marketing of a financial product with guaranteed capital primarily holds the issuer of the product responsible, the liability is extended to the financial intermediary when and if, within the relationship he develops with the client, he also assumes the repayment of the invested capital.

Concerning the liability expiry period, the court determines its inapplicability since the Bank acts with gross negligence when, using aggressive sales techniques, rectius, through the use of misleading information or by hiding information, seeks the client’s consent to certain hazardous products that he would never subscribe in case he knew all the product features.