Novagalicia Bank in Spain has been ordered to pay compensation after knowingly selling the shares to the infant.
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Court declared that this selling was not with law, so the share value must be refunded and invested in subordinate shares & cover legal costs.
Reports says that the share subscription was the name of the baby’s parents, and the shareholder’s name was of the new-born.
Bank defending itself, said that the parents had supplied documents giving the full terms and conditions.
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The court of Ponferrada explained that there was no evidence that baby’s parents had supplied documents and there would be no way a baby could understand the full nature of the financial product sold.
