A Spanish lawyer is trying to pull six Danish banks in court for selling risky investment for homeowners on the coast.<\/p>\n
Fraudulent and misleading marketing.\u00a0This is a Spanish lawyer charges against 10 banks, including six Danish, who sold the investment at the Suncoast.<\/p>\n
Lawyer Antonio Flore<\/strong>s from Marbella, Spain, representing clients from Nordea, Danish Bank, Sydbank, Nykredit, Jyske Bank and Finance Bank.<\/p>\n Bank customers have lost money to borrow against their Spanish one million houses and invest equity – often through tax havens like Switzerland and Luxemburg.\u00a0Flores argues that the customers were told that they could avoid Spanish inheritance tax on the house, and that investment would both cover the cost of borrowing and provide extra spending money.<\/p>\n “Banks have scammed people. They should never have offered the products for these people,” said the lawyer.<\/p>\n “Banks are obliged not to sell products that can harm people. Investment in equity is a h\u00f8jrisikabelt product that was sold to retirees on false premises. If the banks had informed about risks, they would never have put the whole property at stake,”\u00a0he says.<\/p>\n Will terminate contracts<\/strong><\/p>\n Moreover, it is not lawful to borrow against his house in order to avoid inheritance tax, says Antonio Flores.<\/strong><\/p>\n He says his clients have invested a total of around 200 million.\u00a0million in such products – and lost between 30 per cent.\u00a0and 40 per cent., as the market broke in 2008.\u00a0Flores goes after getting contracts ruled invalid and require banks to replace the losses, according to Flores calculates to between \u00a360 and \u00a380 million.\u00a0The service is being offered at a “no win, no fee” model.<\/p>\n So far, this has been an uphill battle for the lawyer.\u00a0The case has been dismissed by the local court in Fuengirola and the High Court in Madrid.Currently, a local court in Marbella, however, assumed a similar case against Nordea Bank, where they investigate allegations of deceptive marketing to a British couple. “But we have observed all the rules we should. So in that light, we are not worried.” At Denmark’s largest bank, Danish Bank, take the accusations calmly.<\/p>\n “We are amazed that Flores lawyers insist the matter has been rejected twice,” says Klaus nsted Pedersen, CEO of Danish Bank International.<\/p>\n Jyllands-Posten has in recent days focused on Danish banks’ business with wealthy clients on the Suncoast.\u00a0Sydbank Switzerland in internal documents acknowledged that there can be no substitutes for high net worth clients in Spain, who have invested their home equity through the bank in Switzerland.<\/p>\n <\/p>\n Original Article in Danish Below<\/strong><\/p>\n Af JULIE HORNBEK TOFT og PETER NYHOLM<\/p>\n Offentliggjort 13.01.12 kl. 07:13<\/p>\n En spansk advokat fors\u00f8ger at hive seks danske banker i retten for at have solgt risikable investeringsl\u00e5n til husejere p\u00e5 Solkysten.<\/strong><\/p>\n Svindel og vildledende markedsf\u00f8ring. S\u00e5dan lyder en spansk advokats anklager mod 10 banker, heriblandt seks danske, der har solgt investeringsl\u00e5n p\u00e5 Solkysten.<\/p>\n Advokat Antonio Flores fra Marbella, Spanien, repr\u00e6senterer kunder fra Nordea, Danske Bank, Sydbank, Nykredit, Jyske Bank og Finansbanken.<\/p>\n Bankkunderne har tabt penge p\u00e5 at bel\u00e5ne deres spanske millionvillaer og investere friv\u00e6rdien – ofte gennem skattely som Schweiz og Luxemburg. Flores h\u00e6vder, at kunderne blev fortalt, at de kunne undg\u00e5 spansk arveafgift p\u00e5 huset, og at investeringerne b\u00e5de ville d\u00e6kke l\u00e5neudgifterne og give ekstra lommepenge.<\/p>\n “Bankerne har snydt folk. De skulle aldrig have tilbudt produkterne til disse mennesker,” siger advokaten.<\/p>\n “Banker er forpligtede til ikke at s\u00e6lge produkter, der kan skade folk. Investeringsl\u00e5n i friv\u00e6rdien er et h\u00f8jrisikabelt produkt, der blev solgt til pensionister p\u00e5 falske pr\u00e6misser. Hvis bankerne havde informeret om risici, ville de aldrig have sat hele ejendomme p\u00e5 spil,” siger han.<\/p>\n Vil oph\u00e6ve kontrakter<\/strong><\/p>\n Desuden er det ikke lovligt at bel\u00e5ne sit hus med det form\u00e5l at slippe for arveafgift, mener Antonio Flores.<\/p>\n Han fort\u00e6ller, at hans klienter i alt har investeret omkring 200 mio. kr. i s\u00e5danne produkter – og tabt mellem 30 pct. og 40 pct., da markedet kn\u00e6kkede i 2008. Flores g\u00e5r efter at f\u00e5 kontrakterne d\u00f8mt ugyldige og forpligte bankerne til at erstatte tabene, der if\u00f8lge Flores beregner sig til mellem 60 og 80 mio. kr.<\/p>\n Flores afl\u00f8nnes efter en \u201dno cure, no pay\u201d-model og vil i s\u00e5 fald f\u00e5 10 pct. af erstatningssummerne.<\/p>\n Indtil videre har det dog v\u00e6ret op ad bakke for advokaten. Sagen er blevet afvist ved den lokale ret i Fuengirola og landsretten i Madrid. I \u00f8jeblikket har en lokal domstol i Marbella dog antaget en lignende sag mod Nordea Bank, hvor de unders\u00f8ger anklager om vildledende markedsf\u00f8ring over for et britisk \u00e6gtepar.<\/p>\n “Vi er kede af, at der er en kunde, der er blevet utilfreds med banken,” siger John Mortensen, chef for Nordea i Luxemburg.<\/p>\n “Men vi har overholdt alle de regler, vi skal. S\u00e5 i det lys er vi ikke bekymrede.”<\/p>\n De \u00f8vrige banker fort\u00e6ller, at de ikke er blevet kontaktet i sagerne og fastholder, at de har fulgt alle regler.<\/p>\n Hos Danmarks st\u00f8rste bank, Danske Bank, tager man anklagerne roligt.<\/p>\n “Vi er forbl\u00f8ffede over, at advokat Flores holder fast i sagen, der er blevet afvist to gange,” siger Klaus M\u00f8nsted Pedersen, adm. direkt\u00f8r for Danske Bank International.<\/p>\n Morgenavisen Jyllands-Posten har de seneste dage sat fokus p\u00e5 danske bankers forretninger med rige kunder p\u00e5 solkysten. Sydbank Schweiz har i interne dokumenter erkendt, at der kan blive tale om erstatninger til formuende kunder i Spanien, som har investeret deres friv\u00e6rdi gennem banken i Schweiz.<\/p>\n","protected":false},"excerpt":{"rendered":" A Spanish lawyer is trying to pull six Danish banks in court for selling risky investment for homeowners on the coast. Fraudulent and misleading marketing.\u00a0This is a Spanish lawyer charges against 10 banks, including six Danish, who sold the investment at the Suncoast. Lawyer Antonio Flores from Marbella, Spain, representing clients from Nordea, Danish Bank, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[58],"class_list":["post-758","post","type-post","status-publish","format-standard","hentry","category-lawbird-in-the-media","tag-antonio-flores"],"_links":{"self":[{"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/posts\/758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/comments?post=758"}],"version-history":[{"count":3,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/posts\/758\/revisions"}],"predecessor-version":[{"id":761,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/posts\/758\/revisions\/761"}],"wp:attachment":[{"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/media?parent=758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/categories?post=758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lawbird.com\/wordpress\/wp-json\/wp\/v2\/tags?post=758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n“We are sorry that there is a customer who was unhappy with the bank,” said John Mortensen, Head of Nordea in Luxembourg.<\/p>\n
\nThe other banks said they have not been contacted in cases and insists that they have followed all the rules.<\/p>\nSpansk advokat jagter danske banker<\/h2>\n