Equity Release victims are the winners!!

On 1st of March 2015  the Court of Benidorm (Juzgado de Primera Instancia) declared an Equity Release Contract null and the Court require the Danske Bank International, S.A. to remove the mortgage charge over the client´s property and order that the bank should assume all investment losses and return to the clients the deposit that them received.

The Judge in a ruling explain that costumers,( in this case a Norweigan couple) were deceived with this financial product, they hasn´t control in their money market funds, and they lost those funds through a bad investment that made financial managers companies with relation of Bank. 

Also, the Judge adds that the meeting of minds are void, the costumers don´t understand nothing about financial products, they trusted in the Bank, and they didn´t that their investment was of high risk market, and the consequences of that.

Finally, this victims didn´t lost their home and got their money, it is a happy end of history that we are waiting for all victims of this products.

There are a lot of victims for fraud in this financial products with differents companies such as: Rothschild, Landsbanki, International Properties, Finansbanken, Nordea Bank, SLM, Jysk Bank…

They filed a complaints in Court of Málaga, Court of Marbella, Court of Denia, but the procees are very slowly in Spain, however it seems bit by bit advance.