BNP convicted of misleading thousands of customers – Express

The BNP Paribas bank was sentenced Monday in a fine of 187 500 euros for deceptive trade practice, the maximum that was possible to impose, have we learned from the civil party lawyers . This condemnation also opens the possibility to all affected customers, 11 000 people to turn against the bank in civil, provided to act before July 2016.

The Paris court has found that the bank had lied about the guarantee of the initial capital that flanked his savings product “BNP Jet 3 warranty”. BNP Paribas, against which the prosecution had asked the audience a lesser fine of 100 000 euros, will also “publish the conviction in the newspapers Le Parisien and Les Echos”, “deceived compensate consumers under their prejudice moral “and pay them” management fees “, said in a statement the firm Constantin-Vallet, defending several civil parties in the trial.

Breach of warranty

Many investors had complained in 2012 against the establishment that sold them in summer 2001 product named “BNP Jet Warranty 3″, which promised to “take off” their savings. Subscribers could expect a tripling in ten years, or at least get their money regardless of the level of the Exchange. But in 2011, investors have found that their capital had not kept its promises and was even slashed various fees to the tune of about 10%.

This non-compliance with the promise of guarantee capital which was sanctioned. The court did however not rule on tripling that dangled the bank. This does remains a “warning shot” and a “decision in principle” said Helen Feron-Poloni, also counsel for plaintiffs. “The prosecutor was rather indulgent to BNP, the court at all” if she welcomes.

Towards a group action?

The bank said “take note of the legal decision that day concerning facts dating back to 15 years “and reserve” the right to appeal. ” “In February 2013, we decided to purely commercial basis of the repayment of management fees for all customers who subscribed to ‘Jet 3′ in the context of life insurance, which have retained the fund until maturity, “said a spokesman for the group. Except according to Mr. Feron-Poloni, limited to life insurance contracts, the bank has not repaid all costs ‘Jet 3′.

The lawyer believes that if civil cluster approach, the bank could be sued up to 30 million by disappointed customers. According to Constantine Vallet cabinet, this savings product “allowed BNP and its subsidiaries, including Cardif (life insurance subsidiary of BNP Paribas damage, Ed), to raise a total of € 253 million and so perceive to his advantage well over 18 million euros. ” The conviction of BNP Paribas “is a warning to all professionals,” he says.