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Leading Spanish lawyer claims Rothschilds victory opens doors for more prosecutions
| Published: | 10 Mar at 6 PM |
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In an update to a Malaga law firm’s landmark victory over Rothschild’s Bank, it’s now being claimed the bank may be forced to reimburse some nine million euros to other British expats scammed by the same scheme.
A leading Spanish lawyer is now claiming the Torremolinos court victory opens the doors for hundreds of other expat victims of the bank’s now infamously dodgy equity release scheme to legally claim reparation for for their lost savings. In the landmark case, British expats Marion and Barry Joyce were awarded €15,000 and had their mortgage cancelled as well as keeping their home without fear of its repossession by the bank.
Pablo Espejo, the lawyer who represented the couple, is now hoping he can force a similar result on behalf of his 20 British expat clients living in Spain. All were badly advised and persuaded to take out mortgages of 75 per cent of the valuation of their properties in order to invest in an insurance company product which would provide an income to cover the repayments as well as improving their personal finances. Unsurprisingly, the investment performed poorly, leaving the expat home owners unable to cover the mortgage payments.
The product was first marketed in 2006, with its victims duped by the bank’s prestigious name and totally unaware they’d been victims of blatant mis-selling. Nor were they aware of the dangers of losing their homes as a result. Another British victim told local English language media he was very glad justice had been finally done, adding that many others had been scammed by the bank’s pushing of the scheme as a legal way to mitigate inheritance tax via safe investment as well as by the marketing techniques used at sales seminars. Pensioners, he added, simply trusted the word of the established, prestigious bank. In fact, he said, the scheme offered no advantages at all as regards inheritance tax.
A leading Spanish lawyer is now claiming the Torremolinos court victory opens the doors for hundreds of other expat victims of the bank’s now infamously dodgy equity release scheme to legally claim reparation for for their lost savings. In the landmark case, British expats Marion and Barry Joyce were awarded €15,000 and had their mortgage cancelled as well as keeping their home without fear of its repossession by the bank.
Pablo Espejo, the lawyer who represented the couple, is now hoping he can force a similar result on behalf of his 20 British expat clients living in Spain. All were badly advised and persuaded to take out mortgages of 75 per cent of the valuation of their properties in order to invest in an insurance company product which would provide an income to cover the repayments as well as improving their personal finances. Unsurprisingly, the investment performed poorly, leaving the expat home owners unable to cover the mortgage payments.
The product was first marketed in 2006, with its victims duped by the bank’s prestigious name and totally unaware they’d been victims of blatant mis-selling. Nor were they aware of the dangers of losing their homes as a result. Another British victim told local English language media he was very glad justice had been finally done, adding that many others had been scammed by the bank’s pushing of the scheme as a legal way to mitigate inheritance tax via safe investment as well as by the marketing techniques used at sales seminars. Pensioners, he added, simply trusted the word of the established, prestigious bank. In fact, he said, the scheme offered no advantages at all as regards inheritance tax.
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