Archives for January, 2019

Rothschild lawyers prepare for Court war

Rothschild Bank International Limited Logo

N.M. Rothschild & Sons has taken the legal defense of the Equity Release (ER) cases in Spain as a matter of life or death.

In a very generous interpretation of Spanish procedural laws that allow parties to bring those witnesses deemed useful in support of their arguments, the following individuals have been lined up for an up and coming Court hearing to take place in Denia:

  • Dean Murphy, former boss of Hamilton’s Financial Services, in charge of selling hundreds of fraudulent ER contracts. Currently based in La Cala de Mijas, Málaga.
  • Stephen Dewsnip, former manager Rothschild Bank International Limited that operated, knowingly, without a license in Spain. Currently living in West Sussex.
  • Peter Rose, former director at Rothschild Bank International Limited, currently living in Guernsey.
  • Claire Whittet, currently working for Rothschild Bank International Limited.
  • David Shannon, currently working for Rothschild Bank International Limited.

ERVA lawyers have cast doubt over the convenience -for Rothschild- of deposing those who explicitly extolled the false virtues of the Credit Select Mortgages, namely:

  • IHT-friendly.
  • Fully apt for risk-averse pensioners.
  • “Different” from a normal mortgage, as Rothschild would “not look to treating customers as regular borrowers”.

In all logic, those no longer under the umbrella of Rothschild will surely feel that being subjected to harsh cross-examination from the victims’ expert counsel, after moving on with their personal and professional lives, will be both stressful and unnecessary, unless of course their is some financial gain in it.

The Denia judge has the right to use his discretion to decide on the pertinence of Rothschild’s witness requests.

Landsbanki fails to transfer Equity Release cases to Luxembourg

Landbanki Luxembourg

It has been a while since our last post, but things have been fairly quiet in the litigation front, save for Landsbanki’s cases.

Undeterred by recent rotund judicial response against Equity Release contracts, liquidators for the Icelandic defunct financial predator remain undeterred and a still trying to collect their investments or, if needed, steal pensioners’ properties from under their feet.

For Landsbanki, cunning has become a second nature and consequently, their very latest devious strategy is to contest the jurisdiction of Spanish Courts in favour of the bank-friendly tribunals of Luxembourg, invoking EU-bankruptcy laws.

So far though, ERVA lawyers have managed to throw out no less than 8 motions filed by Landsbanki to have the cases relocated to Luxembourg Courts. The Courts involved are in the Malaga, Almeria and Alicante provinces.

2 further motions were accepted by the Courts but are likely to be reversed on appeal.

On finding in favour of the victims of the equity release fraud, the Courts upheld existing case law on the matter (two rulings of the Court of Appeal of Malaga of 2013 and 2015) as well as legal precepts invoked by the counsel of the victims.

Specifically, the Courts have convened that:

  • EU-bankruptcy laws do not apply to contracts signed by consumers, who still have the right to choose to litigate where they live.
  • EU-bankruptcy laws do not apply to legal agreements or contracts that were entered with the company prior to it becoming insolvent.
  • Spanish laws grant exclusive jurisdiction to national Courts where dispute over property registered rights is concerned.



Skip to toolbar