Nordea Bank S.A. Luxembourg’s (as well as the Swiss Branch) legal representative has today turned up in the Malaga Court for the pre-hearing stage to face the music. Opposing him was the representative of 6 claimants who were sold the tax-defrauding client-cheating highly-toxic Nordea Equity Release Mortgage & Managed Capital Plan and, as it has turned out to be, the presiding Judge.
The Court was sympathetic to the plight of the claimants and has admitted the following evidence in the case:
- 2 Tax Office resolutions that categorically define Equity Release for tax purposes as tax fraud.
- 1 Notarized document proving that Nordea removed, maliciously and with premeditation, its fraudulent advertising from its website.
- Expert Witness testimony by a reputed Malaga-based Tax Advisor.
- Testimony by the broker that acted for Nordea, in Denia.
- Request to Nordea to provide the Court with a same document that is on the website that was subsequently removed.
Nordea’s legal representative, on the contrary, did not submit any evidence in support of their position which, considering that the specific law employed in this action (misleading advertising) imposes on them the burden of proving the accuracy of their advertising, might have left them bereft of any legal argument other than an unlikely statute of limitation, particularly considering that they were still advertising…1 month ago.
The Court was not impressed with the allegations that Nordea removed crucial information from their website, an allegation that their lawyer was seemingly not aware of (a textbook case of a client being dishonest with his own lawyer!).
Also, the presiding Judge challenged the objection raised by Nordea’s defence that contended that Nordea Bank S.A. and Nordea Bank Switzerland Branch were 2 separate entities, arguing that it is not admissible to isolate the activities of both `banks´when they share common infrastructure, use the same lawyers, the same staff at the Marbella Representation Office (our good friend Jesper Hertz) and moreover, when the Swiss website (www.nordea.ch) directs traffic for private banking to the Luxembourg main branch.
Unfortunately, the Court has set the hearing for April 2015 (yes, not 2014) which will regrettably allow Nordea, for at least the next year and half, to carry on with their tax fraud activities in Spain.
Certainly some positive news. Looks like the judge is keen to hear all about Nordea Bank and its sister companies, where ever they be. Interesting to note that Nordea’s lawyers produced nothing to help their case, perhaps they could not find anything. It is a shame that the Nordea victims have to wait another 18 months for justice. At least it gives other victims the chance to join the action, if that is possible.
I agree, good news from one aspect, a little disappointing on the date of the hearing. I really don’t think they will be conning anymore pensioners into this scheme. From the enquiries I have made they no longer sell this product in Spain. I wonder why? Of course they could not produce anything in support of their case, as, it is, what it is. A tax defrauding scheme. It would be interesting to know from Erva or their lawyers, how many more cases against Nordea are in the pipe line. Also perhaps Erva could update us on what other actions are in the court against Nordea, waiting to be heard or ruled on. Perhaps now is the time for Nordea to take stock of their potential downside and start to talk to the victims lawyers before the list grows. Perhaps if Erva respond they could also get us up to date with the action against Rothschild case, in the Mercantile Court, Malaga.
Very happy that the courts have agreed for further investigation against the Nordea Bank and their activities.The eighteen month wait before the next hearing is somewhat disappointing but if this leads to a positive outcome for us and all other victims of such schemes it is a worthwhile wait.Thankyou Antonio Flores and your team.
Having just read the European Paper that refers to mis-leading advertising, I can well understand, why Nordea Lawyers cannot come up with any defence, especially if the burden of proof rests with the defendant (NORDEA) To take this off the web site just prior to the hearing in Malaga shows that Nordea themselves realise it is wrong. You would have thought that this would be enough for the lawyers of Nordea and their victims to come together for some meaningful discussions. Instead, they climb around under the rocks to find some way of worming out of their responsibilities.
This seems to have caused quite a stir. The press seem to be taking an interest again and we have had several discussions with various newspapers. We have referred them all to our lawyers (Antonio Flores, Lawbird Legal Services Marbella ) Many of our members have been in touch with us and whilst they are very positive as to the outcome of the pre-hearing in Malaga are a little dismayed at the length of time this will take to come before the court for trial. It is disappointing, however we have to look at this in a positive light, for many reasons.At least we have a positive outcome and the victims involved know that they at least have a court date. It is possible now for any Nordea victim to contact us or our lawyers and have their name included on the writ in the Malaga Court and we hope that these victims will take up the challenge. On another note we have now received details from the land registry where Nordea Bank is noted. As a result we believe that Nordea have sold well over 100 of these equity release products throughout Spain as far a field as Madrid, The Canary Isles and the Balearic Isles as well as throughout Southern Spain. Needless to say our investigations are continuing, to find out who these victims are. We invite Nordea Bank and their lawyers to contact our lawyers, to see if there is a way forward for a mutual settlement in confidence, to satisfy our Nordea victims. It will be in everyone’s best interest.
What a wonderful idea. I am not a Nordea victim myself, another bank got me. However, I hope Nordea take up the challenge and help these people caught up in this scheme to enjoy the rest of their retirement. What a thought. Also of course I hope all the other banks involved do the same. Hopefully, Rothschild, Danske Bank, Barclay’s, SLM and the other Scandinavian banks pick up the message. I am sure if they do, you will see the end of the Erva web site. No doubt the volunteers who work so tirelessly to seek justice for all, could do with a well earned rest.
It really is shocking to see a Luxembourg Bank, bringing down the name of the Nordea Group. Nordea Group is recognised as a major player in European banking, with a good name (according to the press) Their Luxembourg subsidiary Nordea Bank SA under the watchful eye of Claus Jorgensen & Jhon Mortensen ( Directors) are not doing the group any favours, in fact they are destroying their good name or will certainly do so,in the future, as the writs against Nordea Bank SA, start to be heard in court and not just Spain. They have managed to keep the claimants at bay up to now, but I am sure these will start to appear in the courts, in the not too distant future. Of course when this happens, all will come to light and Nordea will not go unscathed. They have a lot to answer to. They already know that they are guilty of not only mis-selling equity products to Senior Citizens ( sounds better than pensioners) which in themselves could not possible have worked. Products which have been outlawed in the UK for exactly the same reason as the one Nordea sold. In addition, they now realise, that perhaps they were given either wrong advice or perhaps indifferent advice which they chose to ignore. I am talking about the ability for these schemes/products to mitigate/evade/avoid (whichever word you choose) both Wealth & Inheritance Taxes. In all cases Nordea have professed this to be the case and now realise that with Erva producing the Binding Consulta (Tax Law) from the Ministry of Taxes they were wrong. In fact they are not now trying to defend their position, hence the removal of the offending brochures from the Internet. However what they should do is to be up front with their own lawyers and at least tell them the truth. This is something they are not capable of as can be demonstrated by the lies they have told their victims. The costs of defending all the writs in the various courts far out weigh any compensation that their victims are owed. Now is the chance to get in touch with the various lawyers and settle these cases before the flood gates open. It makes sense to me, as the flood gates will surely open once one case has gone to trial and a judgement has been found in favour of the claimants.
Having read the court summaries on our behalf against the Nordea Equity Schemes we can only thank Antonio Flores and his team for giving us some hope back to our devastated lives.Living with this situation at our time in life had certainly taken its toll on our health and well being,So lets now look forward to regaining the pleasures that retirement promised before Equity Release schemes arrived in Spain.Lets now hope that the Nordea(and all the other contributing banks)will realise that they are in a no win situation and look to a settlement situation before this goes to court in 2015.
Barbara&Derek Laight