Does a Banshee's Veil Shield prevent spell damage?

Does a Banshee's Veil Shield prevent spell damage? Like it can prevent damage from champs spells?

Banshee's Veil prevents any negative magic effect, including damage. This applies to all spells, not just those cast by champions.

I've tested this with three of Baron Nashor's spells:

• Wrath of the Ancients deals magic damage and applies a debuff which increases magic damage taken. It stacks up to ten times.
• Sweeping Blow knocks all champions away from the Baron by a set range. This range is equivalent to the distance between the Baron and the entrance to his locale.
• An unnamed ability which inflicts knockup and slow similar to Cho'Gath's Rupture.

Banshee's Veil was activated by each of the above spells.

Trivia:

• Banshee's Veil does not negate summoner spells Ignite and Exhaust.
• Banshee's Veil will not block damage from persistent AoE spells such as: Anivia's Glacial Storm, Nasus's Spirit Fire, and Fiddle's Ultimate.
• Banshee's Veil will not block passive damage over time effects from abilities such as Brand's Blaze, and Gangplank's Grog Soaked Blade.
• Banshee's Veil will block Gangplank's Parrrley (confirmed through experience as well). This is because Parrrley it's a spell that mimics a physical ranged attack, so it's intended to be blocked.