With respect to Ropre – Têxteis e Confeções of Covilhã, the court upheld in full the exceptional review appeal submitted by Santander Totta, the bank said.
“And, in consequence, it overturned the decision in the ruling of the Lisbon Appeal Court that had resolved – based on the abnormal change in circumstances – the swap contract agreed between Banco Santander Totta and Ropre with effect from ... 18 March of 2011,” it explained in a statement.
In this case, Santander Totta explained, the Supreme Court took the view that Ropre was not able to show the existence of a ‘grave loss’ that could allow an appeal to the lower court on the basis of an abnormal change in circumstances to resolve the swap contract at issue.
As for the Inovacil case, the Supreme Court upheld the lower court’s ruling that the company’s case against Santander Totta should not be considered, in part because “it was not proven what was the concrete loss” to the company as a result of the swap contract
On 9 July 2015, the Lisbon Appeal Court rejected a request by Inovacil to strike down a €2-million swap contract that it had signed with Santander Totta, so upholding a ruling the previous year by a Lisbon civil court.