Europe ruled a few days ago that national courts adjudicating floor clauses can examine whether there is a breach and decide to return the money, even if the consumer has not appealed.
What is this all about? It all starts when a Spanish consumer's floor clause was declared null and void by a Spanish court, which ordered the bank to return the amounts overpaid as of 9 May 2013. The bank appealed.
While this appeal was being resolved, in December 2016, the CJEU ruled that all amounts unduly paid should be refunded and not only from May 2013, as the Spanish Supreme Court had decided.
In 2017, in the case of this consumer, the Spanish Provincial Court did not modify the ruling regarding the refund of the money, because the consumer did not appeal the ruling (only the Bank appealed).
The angry consumer then went to the Spanish Supreme Court arguing that the Spanish Provincial Court should have taken into account European case law and asked for a full refund, while the Bank refused because the consumer had not appealed.
The Spanish Supreme Court decided to ask the CJEU, which decided that Spanish courts can examine whether there is an infringement and decide to refund the money, even if the consumer has not appealed.
So, we will have to wait a few months to see what the Spanish Supreme Court has to say on the matter.Read more.
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