After having lost a derivatives/SWAP case in the district court the company turned to Nilsson&Hobeich seeking help with the appeal. Nilsson&Hobeich won the case in the court of appeal and now the supreme court ruled in favour of the firm as well.
The company contacted Nilsson&Hobeich after their previous firm had lost their case in the district court. The judge deemed that current practice regarding derivatives were not applicable since the company is so large and have its own finance department. The appeal to the court of appeals in Las Palmas ruled in favor of Nilsson&Hobeich and states that practice includes larger company as well. A conclusion now confirmed by the supreme court.
The firm believes it is a case concerning basic equality issues and wants to help as many affected as possible in solving their situation.
Nilsson&Hobeich has always demanded accountability and fought sale of property loans not compatible with current EU-law. In these cases the customers have not been able to benefit from the interest rate reductions due to them being limited by the so called ”interest floor”. Since the ”interest floor” affects a large number of consumers in Spain it is also a question of fundamental justice. The firm refers to this ruling from the EU-court in order to keep fighting this type of trade with financial derivatives that are not consistent with current law. The firm has also chosen to lower its fee in such cases so that as many people as possible affected by ”interest floors” shall be able to seek.