Marketed in summer 2001, the financial product “BNP Jet Warranty 3″ that promised to “take off” savings was not legal. Justice has sentenced the BNP Paribas to a fine of 187,500 euros for deceptive trade practice, the maximum amount it could impose. In addition to the fine, the sentence opens the possibility to all affected customers – or 11,000 persons-, to turn against the bank in civil, provided to act before July 2016
. many investors had complained in 2012 against the establishment that sold them this financial product. The bank promised them the opportunity to triple their capital in ten years and posted a guarantee of maintaining the invested capital, or, that promise was not kept. Investors discovered in 2011 that their capital had been amputated sometimes miscellaneous expenses amounting to about 10%. It is this failure to comply with the promise of guarantee capital which was sanctioned. The court did however not rule on tripling that dangled the bank.
30 million euros soon claimed?
BNP Paribas, against which the prosecution had asked the audience a lesser fine of 100,000 euros, will also “publish the judgment condemnation newspaper Le Parisien and Les Echos , “” compensate consumers deceived under their moral damages “and reimburse them for the” management fees “, said in a statement the firm Constantin-Vallet lawyers defending several plaintiffs in this case.
the lawyer believes that if civil cluster approach, the bank could be sued up 30 million euros 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, note), 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,” said the firm.
No comments:
Post a Comment