Tag archives for Landsbanki Luxembourg

LANDSBANKI’s attempt to evict an 85-year old suffering from Alzheimer comes to a halt

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Resultado de imagen de yvette hamilius

Landsbanki’s Yvette Hamilius could not care less about people. The insensitive, greedy and immoral banker – currently indicted on a criminal case in France- would sooner evict an 85-year old sufferer of Alzheimer than to accept that sometimes, there is a line that you cannot cross over.

But she cares not and will do all that is within her powers to leave elderly people destitute. Unfortunately for her, on this occasion lawyers acting for an octogenarian couple victim of Landsbanki’s predatory banking have managed to persuade the Courts that it is not right to evict ailing elderly people.

The Ronda-based Judge denied Landsbanki’s petition to have the lady summoned once again. As a result of this setback, the lender has resigned to the fact that it may not be possible to just pull her out and thus, have agreed to have the Spanish Prosecutor Service representing the victim, as petitioned by lawyers acting for her.

 

 

Marbella Court Invalidates Landsbanki Foreclosure

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(Mme. Yvette Hamilius, aka Mme. Yvette Horribilius)

Court Number 1 in Marbella has ruled that a mortgage foreclosure claim brought by Landsbanki should be set side and declared null and void.

The Court was satisfied with the allegations, submitted by a Landsbanki Equity Release Victim, concerning faulty and/or insufficient notification of claim and defective filing.

Landsbanki representatives attempted to rectify their error at a later stage during the process, being rejected forthwith by the presiding Judge.

Landsbanki has the right to appeal with the Malaga Appeal Court, which they may do within the next 20 days. This option appears unlikely as there are no objective grounds to do so; there are crucial documents missing and the ruling is clear.

If Landsbanki do not appeal or they go ahead and lose the appeal, the foreclosure route will be closed for good, forcing Landsbanki to issue declaratory proceedings, slower and with ample scope for the victim to argue the fraudulent nature of the contract.

LandsbankiForeclosureNullVoid

 

Legal Action Against Landsbanki Luxembourg, Lex Life Luxembourg S.A. and Offshore Money Managers

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LETTER TO LANDSBANKI CUSTOMERS ARE SENT BY FIRM LAWBIRD LEGAL SERVICES

Dear Sir/Madam,

We are due to soon file proceedings against Landsbanki Luxembourg S.A., Lex Life Luxembourg S.A. (and/or its successor) and Offshore Money Managers.

The main reason for the delay in filing has been due to our firm considering, in the light of the content of writs submitted by  Landsbanki Luxembourg, that a claim for misleading advertising should include also excerpts of the cases where Landsbanki lawyers admit –in at least there occasions- that the main reason why this product was offered to the public was as means to -legally- reduce or mitigate Spanish Inheritance Tax.

These crucial undertakings by Landsbanki lawyers indicate that the bank willfully engaged in marketing and selling a bogus tax planning scheme, as confirmed by the Spanish Tax Office in 2013. More so, Landsbanki lawyers confirmed that a brochure explaining the inheritance tax planning was give out to all clients and that this was therefore one of the main reasons, if the principal, for property owners to acquire an Equity Release.

The case is therefore aimed at establishing whether the advertising was truthful or not and where not, from the point of view of an average reader, if the content would have been explicit enough to persuade readers to acquire the Equity Release Scheme. This signals a departure from classic the case argument aimed at establishing misselling of financial investments took place and rather concentrates on the tax mitigation perpective.

It is only through this strategy that we will be able to request that art. 1,306 of the Civil Code is applied to these cases, the only real option to avoid having to repay the draw down if there is a successful outcome.

Article 1,306. If the deed which constitutes the unlawful cause should not constitute a crime or misdemeanour, the following rules shall be observed:

  1. Where both contracting parties are at fault, none of them may recover what he has given pursuant to the contract, or claim the performance of what the other should have offered.
  2. Where only one contracting party is at fault, he may not recover what he has given pursuant to the contract, or demand the performance of what he should have been offered. The other, who was a stranger to the unlawful cause, may claim what he has given, without the obligation to perform what he should have offered.

Along with Landsbanki and the successor of Lex Life, we have decided to issue proceedings against OMM (Offshore Money Managers), a pseudo-IFA who was nonetheless prolific in their advertising efforts to bring customers and banks together.

Finally, the firm Cuatrecasas –no longer acting for Landsbanki or Lex Life- has confirmed in writing that they never contributed or cooperated in providing any tax planning advice, contrary to what Lex-Life advertising stated; this statement automatically renders the advertising untruthful.

With respect to potential foreclosure action by Landsbanki, we will request that the bank is served with an injunction preventing them from enforcing the mortgage loan rights they hold.

Best regards

 

Landsbanki Misleading Advertising Case Due to be Filed

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Lawyers acting for Landsbanki victims are due to file a misleading publicity case against Landsbanki Luxembourg S.A., Lex Life and Pensions S.A. and Offshore Money Managers Correduría de Seguros S.L.

The case is based on the extensive fraudulent publicity that all three entities issued when offering the product known as ‘SITRA’ (Spanish Inheritance Tax Reduction Scheme), ‘Capital Insurance’ or ‘Equity Release‘.

According to the documentation that lawyers hold, the following has been established:

  • The product was devised as a means to reduce, or eliminate completetely, Spanish IHT. We now know this is not only untrue, as it proposes customers to defraud the Spanish Tax Office.
  • The product was also designed to potentially produce an income, it being the difference between the return on the invested asset, minus charges and expenses, and the cost of servicing the loan. This was just one possibility, the other more likely one being total loss.
  • The advertising stresses prominently the benefits of the product but omits the risks involved -or if at all features these in small print- namely the loss of the property and further. 

Landsbanki was extremely successful in attracting new customers by using its main feature: reduction of Spanish Inheritance Tax. Lex Life & Pensions did too.

And Lex Life & Pensions used the name top Spanish firm Cuatrecasas to push sales, by admitting the following:

this product has been ellaborated in conjunction with top law firm Cuatrecasas

Lawyers are awaiting a formal response to a letter sent to Cuatrecasas but we can anticipate the response: “we deny any involvement and do not want to know anything about this product”

The case is to be filed with Courts in Malaga and will focus on the defendants’ advertising.

As for the role of OMM, its responsibility is two-fold:

  • Active participation in the promotion and marketing of the product, generously remunerated with an introduction commission and further, by receiving regular trail commissions (as is the case with Jyske bank too).
  • Attribution of joint responsibility to any media outlet used to promote and market a particular product or service (rulings by Madrid Appeal Court rulings 17/6/2008 and 30/9/2009).

A case for misleading publicity narrows down the scope of the dispute as it confines the Judge to rule on whether the advertising is/isn’t misleading, without giving any room for further interpretation (i.e. namely misselling: whether customers could and should have sought further advice, whether they were savvy investors or suitable for the product, whether it was a high risk speculative product known to the public etc.).

OMM has declined to come forward to assist claimants, ignoring letters from lawyers inviting them to participate in this case as witnesses, and yet their fraudulent advertising is still today available to the public.

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