Tag archives for Capital Managed Plan

Day in Court Against Nordea

The Malaga Mercantile Court yesterday held a hearing on ocassion of a misleading advertising case against Nordea Bank Luxembourg S.A. and its Swiss branch.

An overweight Jesper Hertz, for the defendants, lied to the Court shamelessly. He confirmed that the bank had never offered any tax or fiscal advertising, information or otherwise to clients and that all they did was offer investment advice. Jesper’s dishonest intervention depicted a scenario of deceipt and will be remembered as the worst example of the hypocrisy and underhandedness of today’s bankers.

Nordea’s legal advisor questioned the quality of “advertising” of the promotional literature, stating that it made it clear that such information was not advice, but a mere guidance.

They also referred to the date on the main booklet (2008), arguing that it would have been impossible for claimants to have relied on it.

Finally, they dismissed the information provided to customers as mere investment guidance, arguing that it was the loss of such investments that had prompted the Nordea’s clients to sue the bank, and nothing else.

Claimants were able to prove that Nordea extensive tax advertising was misleading, confusing and inaccurate with the aid of 2 Tax Office binding rulings, the expert witness opinion brought in by the claimants (Carlos Jimenez Dengra) and an abscence of any proof to the contrary by Nordea, save for half-hearted attempts to discredit the evidence brought in by the victim’s legal team.

With respect to the booklet date, it was held in Court that previous brochures (2005 and 2006) had inspired the 2008 booklet for identical paragraphs appear on both sets of promotional advertising. It was also held that no where in the advertising did Nordea Bank discuss the product as being an investment proposition but rather, a tax planning tool for the inheritors.

The case is ready for sentencing.




Germans Bust Tax Evading Banks

Handcuffs on euro banknotes

It was a matter of time before the efficient German state machinery got hold of banks selling tax-efficient insurance wrappers: in this case, Commerce Bank is the target.

So then, when is Jesper Hertz going to resign from his job, clear his conscience and implicate those who have forced him to sell the Capital Management Plan? Listen Jesper, all your past mistakes and regrets can be just that if you come out clean and openly confess to what your employer has been up to in the last few years, on the Costa del Sol, where a few hundred have been sold exactly the same product the German Prosecutor is angry about. 

Jesper, ERVA has a list of all customers Nordea Bank Luxembourg sold Equity Release to (a product combining a mortgage on a Spanish property and a Capital Managed Plan Life Insurance Wrapper), that’s Spanish Land Registry efficiency for you -some things do actually work down here- and so, if and when the Spanish Prosecutor decides to quit defending the King’s daughter-in-law, your bank should be next.


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