Spanish Legal Update No 36

    View Authors June 2015

    Please find below the June edition of our "Spanish Legal Update" publication, produced by the International Dispute Resolution team of Squire Patton Boggs, which contains some recent judgments given in the field of Spanish Commercial Law.

    This issue contains the following articles:

    Two new judgments comes to clarify the outlook of cancellation of investment banking contracts

    Two judgments recently rendered by the Supreme Court have helped to clarify the outlook of the nullity actions against banking contracts.

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    Arbitration awards annulled by the Spanish Courts 

    Four Judgments rendered by the Spanish Courts annulling arbitration awards on the grounds of public order

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    Exclusion without reduction of late-payment interest clause qualified as abusive

    The Court of Justice of the European Union concludes that Directive 93/13/CE on unfair terms does not preclude national law allowing the national court to compel the creditor to recalculate interest according with the limit established by internal Law, providing always that the application of that national law does not prejudge that the Court may qualify any clause as abusive or preventing such Court from excluding its application if the clause under discussion is considered abusive.

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    Modification of a lease agreement applying a reduction of the agreed income based on the application of the clause rebus sic standibus

    The Supreme Court softens the rebus sic standibus clause doctrine, due to the exceptional and unpredictable dwelling crisis in Spain, and based on it, the Court authorizes the reduction of the income agreed by and between the contracting parties in a number of hotel lease agreements entered by both of them.

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