Spanish Equity Release Fiasco

Today, a criminal complaint has been lodged against a number of individuals, included Danske Bank’s CEO, on counts of deceipt by swindle, missapropriation and deceiptful publicity. Among the lies utilized by the consortium led by a local Danske Bank employee to induce a pensioner to part away with his life time savings on a product named Danske Bank Capital Assurance, we can name some of them:

1. Waiver of inheritance tax
2. Life time salary
3. Investment sold as “cautious”
4. Impossibility to lose the home
5. Full regulatory compliance (never, as they chose Luxembourg laws to be applicable to the contract, thereby flouting all Spanish consumer protection regulations).
6. Product sold as a life insurance

€1,038,000 were given to Danske Bank; Danske Bank now claims that they only have €200,000.

An injunction on the property has been requested to avoid it being sold at public auction or, depending on the market, repossesed by Danske Bank.

Documents

• Danske Bank Equity Release Case Criminal Complaint (PDF) – 3 Mb

About Antonio Flores

Antonio Flores is the head lawyer at Lawbird, a Spanish law firm specialised in property and litigation. More on Antonio Flores.

Uncategorized Danske Bank, Danske Bank Capital Assurance