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Spanish Supreme Court finds Bankinter guilty of misselling bonds

Spain's Supreme Court has found Bankinter SA guilty of misselling bonds and structured products from the now-defunct Lehman Brothers and two Icelandic banks, Europa Press reported.

Following a class-action suit, the court ruled that Bankinter had not informed customers of the potential risk from investing in such products, according to the Oct. 22 report.

From 2007, Bankinter had sold preferred shares by the two Icelandic banks, Landsbanki and Kaupthing, and bonds and structured products from Lehman Brothers, which collapsed in 2008 as did the Icelandic banks.

The report said less than 50 people had been involved in the suit, with a total of €2.6 million in capital.