Investors win court case against Spanish Developer
The demise of the Spanish property market in the wake of the global financial crisis has hit hundreds of thousands of Spanish property investors leaving many people facing serious financial difficulties.
However one group of investors are celebrating the outcome of a lawsuit against Spanish property developer Cleyton GES and CAM bank after a development failed to deliver according to the rules of contract.
The Finca Parks Action Group consists of 47 buyers who signed up to buy properties at Las Higuericas development in exchange for a hefty deposit paid in to the CAM bank. Financial difficulties meant the developer was unable to complete the development and deposits were not returned according to the contract.
Four years down the line the Companies were ordered to re-pay the investors deposits – in total around 1.5 million Euros as a result of a four day trial following a law suit that lasted nearly a year and a half.