BNP Paribas Reaches Reported $655 Million Settlement with Clients after Court Finds Misleading Practices for CHF Issued Mortgages with Repayment in EUR Created as Tax-Free Vehicle During 2008 Global Financial Crisis, 8 Year Lawsuit by France Consumer Group CLCV Association
4th January 2024 | Hong Kong
BNP Paribas has reached a reported $470 million to $655 million (€400 million to €600 million) settlement with clients after a court has found misleading practices for CHF issued mortgages (CHF ~ Swiss Franc) with repayment in EUR created as a tax-free vehicle offered during the 2008 Global Financial Crisis. The mortgage structure allows clients to borrow at low interest rate with tax benefits, but faces foreign exchange risk with repayment in EUR. The 8 year lawsuit was filed by France consumer group CLCV association against BNP Paribas Personal Finance. Around 4,400 clients with mortgage contracts (€120,000 to €150,000) can cancel the mortgage contract and do have to pay loan interests. In December 2023, France prosecutors launched a money laundering investigation into Cyprus-registered TCR International for suspicious investment transactions, including using BNP Paribas Security Services to manage hundreds of millions between 2019 to 2022. TCR International provides financial services to institutional & HNW clients (High net worth), and provides other services including depositary, fund management, fund administration & brokerage services.
“ BNP Paribas Reaches Reported $655 Million Settlement with Clients after Court Finds Misleading Practices for CHF Issued Mortgages with Repayment in EUR Created as Tax-Free Vehicle During 2008 Global Financial Crisis, 8 Year Lawsuit by France Consumer Group CLCV Association “
France Prosecutors Launches Money Laundering Investigation into Cyprus-Registered TCR International for Suspicious Investment Transactions, Used BNP Paribas Security Services to Manage Hundreds of Millions Between 2019 to 2022, TCR International Provides Financial Services to Institutional & HNW Clients, Other Services Include Depositary, Fund Management, Fund Administration & Brokerage Services
27th December 2023 – France prosecutors has launched a money laundering investigation into Cyprus-registered TCR International for suspicious investment transactions, including using BNP Paribas Security Services to manage hundreds of millions between 2019 to 2022. TCR International provides financial services to institutional & HNW clients (High net worth), and provides other services including depositary, fund management, fund administration & brokerage services.
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