The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.
It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.
Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.
We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.
Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.
This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.
Now we know different, but so do they…
