Mega-claim against banks in the works for noose on mortgages in Swiss francs | Money

According to the lawyer, ING, MeesPierson (now part of ABN AMRO) and Staalbankiers, whose mortgages have been transferred to Achmea, sold mortgages issued in Swiss francs in the run-up to the financial crisis. At the time, this seemed like an attractive financial product, but the situation has now completely changed.

In 2015, the Swiss central bank released the link between the franc and the euro. Subsequently, the franc almost doubled in value. As a result, customers suddenly have to repay up to twice the original loan amount, says De Gier. He emphasizes that the banks did not properly inform their customers at the time.

Currency risk

According to the expert, the European Court of Justice has already indicated that much better warning should have been given for this type of large currency risk. According to him, the consequence of this is that the franc element in the mortgage contract is not valid and that the exchange rate difference of the franc should be for the account of the bank.

In the Netherlands, De Gier estimates the total damage at 750 million euros for thousands of victims. With the CZFL foundation, which was created especially for this purpose, he calls on victims to report. “A large group has already joined the campaign against Achmea, so the summons will be issued soon. As far as ING and ABN AMRO are concerned, the group needs to grow even bigger if it is to continue. Mass damage actions always require a large group to bear the costs.”

De Gier is known for his efforts to reclaim money for consumers in the usury policy affair. He does not always succeed in starting a case after discovering injustice. Last year he argued that banks should pay back billions to consumers because they have paid too much in variable interest for decades. But De Gier is still trying to find enough funding to take this matter to court.

The latter has become difficult, according to the lawyer, because banks such as ING, Rabobank and ABN AMRO have now come up with compensation schemes for the interest paid too much. In the eyes of De Gier, the compensation offered is indeed inadequate, but according to him many victims are still inclined to accept the schemes of the banks.

—