Sigrún Davíðsdóttir's Icelog

A legal break for Landsbanki Luxembourg clients in France

with 29 comments

A recent ruling in a French court spells out that while a case against Landsbanki Luxembourg for wrongful selling of its products is ongoing in France, Landsbanki Luxembourg cannot pursue its recovery of these loans. Over 80 clients in France of Landsbanki Luxembourg brought a civil case in France against Landsbanki, represented by Yvette Hamilius, for wrongful presentation of its loans. In a ruling July 13, Judge Renaud van Ruymbeke ruled that the recovery could not continue as long as this case is ongoing.

As Icelog has pointed out earlier, so many of the Landsbanki Luxembourg clients with equity release loans and often some investments found that incomprehensibly their assets fell just below the value, which demanded they added assets so as to cover 110% of the value. This put many of them in arrears, meaning that the Landsbanki Luxembourg administrator started threatening to sell their houses and has indeed sent the bailiffs out.

This French ruling gives them some hope that the selling of the loans, events at Landsbanki before its demise and the consequent actions of the administrator will be clarified.

Follow me on Twitter for running updates.

Written by Sigrún Davídsdóttir

July 23rd, 2012 at 5:05 pm

Posted in Iceland

29 Responses to 'A legal break for Landsbanki Luxembourg clients in France'

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  1. This is good news as this will protect those of us who have been hounded by the bailiff and had their houses seized.
    In some cases there is such obvious manipulation of the accounts that one wonders how the Landsbanki lawyer could possibly be so virulent over sudden , timely shortfalls of under 0.5% !

    To seize pensioners homes over a shortfall of under 0.5 % when the lawyer could see there was no justifying accounts and properties had suddenly and without reason nor justification of any kind been dropped by Landsbanki administration by 60%, beggars belief.

    Anyone who glances at these figures can smell a rat.
    Anyone who glances at these figures can see false accounting with no justification of any kind .
    Anyone who glances at these figures can see obvious manipulation of sudden property downgrading by as much as 60%.
    Anyone can at a glance see the very obvious manipulation of clients who were CREDITORS being transformed by Landsbanki administration, into DEBTORS.
    It is unthinkable that these victims of such dishonesty could lose everything they have, without the conclusions of the Criminal case which will look into the accounts and the job of the administrator who does not appear to have been properly supervised.

    I think the French Judge Van Rumbeyke wants to hear the case in order to ensure Justice is served.

    Also, let us not forget that it does not appear Mme Hamilius has paid the 1.875 fine, nor the 50 million euro bail and has still been giving the victims in France deadlines and ultimatums as if she owned France and could wield her Luxembourg power like a bracelet!

    People deserve a fair trial and it should not be stopped just because a Luxembourg bully bully team wish to harass and terrify the elderly into dropping the criminal charges or lose their home, surely?

    Justice should be allowed to examine the facts and figures in such a case and who could disagree with that except those who fear the TRUE facts from being exposed to the world?

    This is an international case and people in Europe are watching these cases to see how consumers fare in Europe in order to decide where they can safely invest.

    These cases are very important.

    Thank you Sigrun, for giving us this good news !

    Those of us who have not been seized, have been fully aware that we too would get the Barlow treatment , as we call it, when Mme Hamilius chose and now we can see that bullies can be stopped and justice can be heard.

    Alexander Edwards

    24 Jul 12 at 5:56 am

  2. NEWS Everyone!

    Luxembourg had the outlooks for their AAA credit ratings DOWNGRADED to negative by Moody’s Investors Service this morning.

    Luxembourg had the outlooks for their Consumer Confidence in any Luxembourg based Bank or Financial Institution DOWNGRADED to -000
    Ratings the day they started seizing pensioner’s homes and transforming creditors to debtors at the will of an executor of a bankrupt Luxembourg Bank in Criminal Proceedings!

    It looks as if Luxembourg is seriously downgraded by consumer confidence due to the abuse of consumers they thought were unimportant in favour of the Banksters which are the ultimate downfall and will always run away with all the money.

    Luxembourg should have seen that without the consumer, there is no business. Why did they not think of protecting them instead of abusing them?
    Now Moody’s downgrades Luxembourg just like the consumers have.

    Thanks for the good news Sigrun.
    We know a few who will be sleeping better now.
    The Criminal proceedings must go on.

    It should not be possible for a country to blackmail its way out of Criminal Proceedings in another European country, should it?

    Is Luxembourg afraid it will get DOWNGRADED even further by the criminal proceedings of Landsbanki Luxembourg, as facts are exposed?


    24 Jul 12 at 6:42 am

  3. At last some sensible decisions and not before time. I cannot help but feel that at long last justice is starting to prevail and all these poor victims will at long last start to see some light at the end of the tunnel.

    Interesting information Charles about Moody’s, who would have thought it !!! What goes round comes round and this lot are long overdue for their just desserts.

    At long last we can write Justice for the victims knowing that that is going to happen.

    Thank you too Sigrun for yet another excellent blog.


    24 Jul 12 at 8:23 am

  4. Ho Ho bit bloody late for us !!

    FSA’s Turner: Banks Shouldn’t Hold Other Banks’ Bail-In Debt

    By Jason Douglas

    LONDON–Regulators will need to ensure that “bail-in” debt designed to prevent future taxpayer bailouts of banks isn’t held by other banks, a senior British regulator said Tuesday.

    Adair Turner, chairman of the Financial Services Authority and a member of the Bank of England’s Financial Policy Committee, said following a speech that new rules requiring certain types of bank bondholders to take losses and recapitalize a failing institution are an essential part of an overhaul of the global regulatory regime.

    But he told an audience at the London headquarters of financial information firm Bloomberg L.P. that regulators need to make sure such bail-in bonds aren’t held by other banks, because in a crisis losses could ripple through the financial system. He said regulators were “terrified” that imposing losses on senior bondholders in banks at the height of the financial crisis in 2008 would have created a damaging domino effect.

    Nina Foster

    24 Jul 12 at 10:27 am

  5. Who would have thought Luxembourg could have been brought to it’s knees by the first pensioners to rebel against the Banks?

    I could not agree more with what Charles says.

    Luxembourg is well downgraded from every angle.

    The pensioners war against the banks greed and arrogance will not end as easily in blackmail as they had hoped!

    Did Luxembourg think British pensioners were easy to terrorize and blackmail?

    Rachael Williams

    24 Jul 12 at 1:22 pm

  6. I wanted to pay back everything I had taken with interest since the bankruptcy.
    Mme Hamilius refused any discussion..
    She wanted 7 times more than I had taken even when in Criminal Court for fraud and having no license so illegal banking scam.

    I could have got a loan to pay it back years ago.

    Instead she wanted suffering and huge costs we cannot afford.

    Now no now will lend and the damages to our lives is irreparable. 4 years hell.

    Luxembourg has a AAA rating in Greed. M Hamilius is a mistake for Luxembourg.

    Good news for once . Good judge.


    24 Jul 12 at 3:45 pm

  7. Spain already already said Landsbanki is doing fraud, for sale of illegal, without license, products.
    Spain already told Hamilius to give back house papers.
    Spain already said damages were 25.000 euros with no tax and nothing to pay Hamilius .
    This was a Spanish Juge of 22 february.
    It is good news the French one is stopped her too!
    We are happy. We were worried so much for these years.

    Enrico Suarez

    25 Jul 12 at 12:52 pm

  8. Yes it’s all going the right way, but do not for one minute think that the woman of Lux will give up without a fight. She is cunning, she is sly and will stop at nothing to try and get her evil way.

    Everyone must protect themselves from her by joining the fast growing list of ring fenced houses in France.


    25 Jul 12 at 2:31 pm

  9. We must be thankful for good news and a bit of respite from the terror campaign Luxembourg seems to find acceptable.
    The interesting thing is that within our group, more and more are joining in the Criminal proceedings.

    It is so evident that it is impossible for Mme Hamilius to carry on a normal discussion with Landsbanki clients.
    Clients who after all, deserve the respect and consideration due to clients of a BANKRUPT , failed Luxembourg Bank under fraud investigations in several countries!
    The Bank is in Criminal proceedings and so are the directors who have not already been imprisoned.
    We are not the criminals, Mme Hamilius! It is those you are afraid to investigate and you are making a ‘fatal error’ in the name of Luxembourg by not doing your job properly.
    investigate, investigate investigate!

    No wonder we are all now joining the Criminal proceedings and the list is growing.
    Every day more of us are going down the Criminal proceedings route as no discussions are possible.
    All this could have been avoided with a little more intelligence and a lot less arrogance.
    Why did Luxembourg allow such bad management for so long?

    George Ward

    25 Jul 12 at 3:24 pm

  10. We are amongst those, George! Just read your comment and thought I would add that I was speaking to a couple of French victims who are also now joining Criminal Proceedings and they said the list had doubled and was rising rapidly.

    I think that the Ultimatum with its gagging clause stating that all criminal proceedings against the Administrator as well as Landsbanki had to be dropped was the drop too much.

    Many of us have been ordered to pay back what has disappeared from our accounts whilst an ‘unprofessional’ administrator working to Luxembourg standards has failed to do her job properly, a wreckless fraudulent Bank has failed to do its job properly and the Juge Commisaire has failed to do any job at all .

    We know very well why the administration does not want any Criminal Investigation as it will be clear to see the collusion and abuse of power by them as they treated creditors as criminals and destroyed their lives for 4 years.
    In a Criminal Court in France it will not only be Landsbanki which will be under examination.
    What will happen is the actions of the administration hen house with its fantasy accountants and arrogant fiddling which will easily surface.

    The employees have colluded in what they know is false accounting and false facts.

    It is all visible and no wonder we were harassed and tortured psychologically to try to get us to sign such an ultimatum removing our rights to a criminal hearing!
    No wonder we were put under threat of losing our homes!

    What ‘dominatrix’ forgot to see was that she had already seized our lives, our health and our homes and now there is no way we will give up our right to Criminal proceedings.
    This attempt at what we see as blackmail, has backfired on Luxembourg, hasn’t it?
    We are all going to be in Criminal proceedings and everything will be exposed as we will not be threatened by bullies in a Banker’s financial cess-Pitt .
    We are not the criminals, Luxembourg!

    Alexander Edwards

    25 Jul 12 at 3:47 pm

  11. Some lawyers are asking too much but the judge’s office said you have the right to file your demand without a lawyer.
    You ask to be protected from the seizing procedure as you do not want to sign the ultimatum and you want protection until the Criminal Case is heard.
    A French victim called and asked as the 2 of them wanted protection from Hamilius and are already Civil plaintiffs in the Criminal procedure.

    Anyone know if it’s true as we are already asked to go on the list but, 3 couples who are not yet part of it, want to join the Criminal procedure but are afraid of the cost?
    There does seem to be a rush to join the Criminal proceedings against Landsbanki.


    25 Jul 12 at 4:34 pm

  12. It is long awaited news which gives hope to all and their families.
    It is sad though that the administrator did not accept the reasonable and fair offers of those like my parents who wanted to pay back what they took.
    This is 4 years suffering we have all gone through. The victims themselves,their families, their friends and their life projects which have crashed with the bank.
    Surely it would have been better for everyone and Luxembourg to negotiate and communicate with respect rather than arrogance for clients of a bank which was rotten?
    The bank is rotten, not the clients.
    Now I know these loans to pay back what they drew down are very difficult or impossible to get. Everyone knows this.
    A couple of years ago it was possible.
    Now everyone is going into the Criminal proceedings we don’t know when the nightmare ends. All properties are blocked but also all lives are blocked with more legal expenses for all.

    At least no one will be kicked out of their home as they had feared, which is a huge relief.


    26 Jul 12 at 1:39 pm

  13. You are right Stan. Mme Hamilius will not see the mistakes she has made and the colluding lot around her will be so scared of her power they will do nothing and say nothing about what is wrong.
    How many times did she appeal the Criminal proceedings, losing each time and getting fines and soaring costs for everyone?

    It seems they are losers who do not like losing, and all this mess falls on the downgraded reputation of Luxembourg as Charles said earlier.
    We were discussing just how much this fiasco will cost Luxembourg.
    One question.
    Did everyone get their ultimatum documents in English?

    They probably were hoping we wouldn’t understand them as those I’ve spoken to in France got them in French! Anyone get them in English?

    Rachael Williams

    26 Jul 12 at 4:01 pm

  14. In Spain the Spanish lawyers got contract in Spanish for them and Spanish speaking and the English clients got it in English.
    Not in France, Rachael?
    But you must demand it in English if you are English. This is the MiFED law.
    They have to so in France you must ask, like in Spain.
    You must understand a contract in your own language. It is law for all in Europe. Ask the lawyer.

    Enrico Suarez

    27 Jul 12 at 1:32 pm

  15. What’s the point Enrico?
    We are all going to be going to the Criminal Court as the case will be heard.
    The ones who have already signed the ultimatum may have been asked a sum they could pay and prefer to drop Criminal charges and get on with their lives.
    Others cannot meet Mme Hamilius’ demands and manipulated accounting which makes it impossible not to seek justice through the Criminal Courts in Paris.
    We know of the businesses in France where the money has vanished from the accounts and those are never going to give up their right to the Criminal Court hearing are they?


    27 Jul 12 at 9:08 pm

  16. Spain will follow France now in the Penal Court.
    There is fraud in other Banks and now it is getting big as everyone knows and in Spain we protect the old ones. We already have victory in Spain Civil with Bowen case. Complete victory 100%.
    Rothschild settled and Danske. Landsbanki is worst but they do not care as they are dead. Anyway all go thru Luxembourg.

    Enrico Suarez

    28 Jul 12 at 7:35 am

  17. How come that as victims we do not receive papers from the Administrator in our native language ?

    I looked into this and find that provided we make the request it is a legal requirement with which the Administrator has to comply. You only have to ask once and if after that she fails to comply then she is committing an offence in European law.

    She is not allowed to ignore this request and a failure to comply will render her demands illegal. After all how many victims are fluent in legalistic Spanish or French ?

    So you now have to check all your documents and check. If they are issuing them in your language. I for one made this demand some 2 years ago and realise that the latest document from her was in French only. I managed to get a translation and realise why this is. She wants to confuse us all into making bad decisions.

    First of all she was demanding the repayment of unrealistic sums that we had not borrowed. Then she was expecting us to sign a document in effect making us drop any potential legal action against her illegal demands.

    So therefore why would she wants us to fully understand the letter. This is just another example of the deceitful way things are done in Luxembourg.

    So remember make sure that any correspondence you receive is in your own language, it is your right.

    But beware, she will try and tell you that you do not need this and that you are capable of understanding French or Spanish. This is illegal and she has absolutely no right to do this.

    Do not let Luxembourg try and rewrite European Law.Just who do they think they are ?

    Nina Foster

    28 Jul 12 at 8:21 pm

  18. Do you as victims know how the money you lent to Landsbanki was invested ?

    Do you know that you are entitled under the personal data act 2002, European law, to see all records pertinent to your investments.

    All you have to do is write to the Administrator requesting copies of these documents. They exist and they are legally obliged to give you copies.

    I am sure that they will make very interesting reading. As we have have seen already in one case large funds were invested in Landsbanki bonds. I think you will find a similar scenario in your own cases.


    28 Jul 12 at 8:42 pm

  19. Well- tonight I find – this story .
    I am in litigation with Landesbanki Heritable as a Defendant to save my house as a pensioner after 7 years of paying my mortgage in full & on time . Let hope the French court recent Judgements will help the 1,000 sin the UK & Channel Islands get Justice – but the Recievers accountants are having a field day in earnings from this Iceland bank groups money box & criminal directors as recently gone to jail in Iceland etc . A collective EU class action is needed and the greater powers of Ombudsman & women to stand up for citizens rights on these giant banks attorneys – England has only just started making new laws to address the problems still in the massive financial services global giants in the city of London or Berlin or Paris or the bullion in Swiss CH!

    Captain Farley in UK

    28 Jul 12 at 9:26 pm

  20. Stan you are right about the Personal Data Act as a few of our lawyers have said the same thing.
    We have been discussing this point.
    They have asked for details of all investments and all correspondence but nothing forthcoming and you know as well as all the rest of us that when they were claiming we all had shortfalls in the Security Control Ratio, there were no accompanying documents or justifications as to how they arrived at their figures.

    They made everyone debtors by manipulation in many cases and they have never provided the justifying documents or dates of what they affirm.

    The lawyers know the European laws are being broken and that’s probably why they so want us to take the case the whole way through the Criminal Courts in Paris.
    Some have received documents in their language and some not.
    Some have had rents and homes seized and some not.

    There is no equal treatment of clients.

    George Ward

    28 Jul 12 at 9:58 pm

  21. All very good points blogged about here, but let us not forget that we are dealing here with over 400 “pensioners” who have probably never risked more than a few pounds gambling on the Grand National who got ensnared into a fraudulent scheme offered by several banks including Landsbanki.

    These pensioners were persuaded to gamble their entire life savings which they had no idea would be at risk. They were conned in a ponzi like scheme planned in the boardrooms of these banks who had no intention of returning any profits to these investors.

    In fact the plan was to milk them dry just to fill their own pockets. This is so apparent that I wonder how the powers that be in Luxembourg have allowed the con to continue.

    How on earth can the administrator and committee of Landsbanki Lux continue without investigation this obvious fraud. Perhaps they feel they can continue where the directors of the bank left off ?

    Surely there must be people in Luxembourg who are honest enough to say STOP.


    29 Jul 12 at 7:48 am

  22. Tom, the only thing they want is to grab any money they can by whatever means whether right or wrong to pay back the Luxembourg government who gave Landsbanki 250 million, wasn’t it?

    Remember the Lux Government handed over millions to a failing Bank they had not done Due Diligence on! Then They have the nerve to say we are ‘irresponsable’!

    The Landsbanki crooks knew the bank was teetering near an illegal liquidity ratio already be 2005.

    They then made sure that they prepared their ponzies properly keeping the dishonourable Mr. Ponzi in mind throughout as a role model worthy of following in Luxembourg, perhaps?

    In order to get it right though and be thoroughly protected, they had to make sur Luxembourg had laws for expert Banksters. To protect them and damn the consumer.

    This they did and as you know, if in our group, we were told that they were clever enough to use a Landsbanki banking lawyer to draft the Luxembourg Banking Laws of 2005!

    We all know what they say and this is why the Luxembougian bully tacticts come in.
    They feel protected by THEIR specially fabricated Laws.

    The Luxembougian accountants are like fairies waving magic wands with magic fiddling dust they can sprinkle on any accounts to make them turn the accounts the way it suits them, aren’t they?

    Then you have the handy administrator, who sees nothing, hears nothing, says nothing except in a press interview in which she affirmed she KNEW nothing about anything and had no idea why FRAUD squads and Police keep raiding the Bank’s offices!

    You couldn’t make it up!

    It is obvious there is no one who dares say ‘STOP’ to wicked witches with magic wands, as my grandchildren say!

    George Ward

    29 Jul 12 at 9:06 am

  23. It is clear Luxembourg feels it is above European Law .

    The way Mme Hamilius has behaved and allowed those working under her orders to act in other European countries shows this clearly.
    Even the top lawyers who wanted to negotiate a settlement for their clients since 2009 were rebuffed and ignored in a very rude manner.

    Has everyone seen the press releases of how lawyers were treated when they went to Luxembourg to see her and were simply ignored?
    We should link them on here!

    The whole thing could have been settled years ago.

    2 things are clear.

    1. We must never sign any document which is not in our language.

    2. We must always ask a financial institution for every single communication or note regarding us. This is essential protection against manipulation and lies in court.

    This is European Law whether the Luxembourg administrator and the Luxembourg judiciary like it or not.
    It is their duty to ensure the administrator respects these laws and respects the clients of any bank working through Luxembourg and also their legal representatives.

    I know and I’m sure most of us know by now that our lawyers want us to take this to to Criminal court as the abuse has gone too far and too many laws have been broken.

    Of course we know they want to get clients and cases but it is more than that, now. It is a question of justice.

    They want to win and know they will as now they have had time to fully understand the criminal aspects of this case and the gravity of what Mme Hamilius has neglected as administrator.
    Our lawyers see this today, better than ever did before.

    Rachael Williams

    29 Jul 12 at 10:42 am

  24. The new Landsbanki lawyer which replaced the other in Paris is a specialist.

    Veronique Desforges is specialist in saisies. She works with the baillif to take the homes for action.
    Her speciality.
    Mme Hamilius will take the money from the action and give it to Luxembourg government. It is planned like this.

    No choice now. Everyone must go to the Penale which is Criminal Court.
    Lawyers have to put everyone in safety zone FAST.
    You have to get your lawyers to move.
    This is urgent everyone in France. Spain is safe as houses are protected.


    29 Jul 12 at 7:11 pm

  25. I warned you and now victims are getting letters from Mme Hamilius as Juges and lawyers are on holiday in August .
    These ultimatums say to pay everything with mad crazy half accounts missing half.
    This she says must be paid in 15 days!

    She knows lawyers are on holiday.
    These people cannot pay in 15 days so she says she will seize the houses.
    This is what is happening as I have had phone calls from French victims.


    30 Jul 12 at 7:47 pm

  26. This is Urgent every one!

    3 people have called and the order from Luxembourg is In the letter:

    Pay everything in 15 days or lose your house.
    I was warning you.


    30 Jul 12 at 8:59 pm

  27. Landsbanki has ruined so many lives!! We received copies of the offer in French and English, here in Spain. The money taken out was never stated as a loan so why should it be paid back? It was all meant to be self financing. We would have approached our own bank if we had wanted a loan!!! Why did Hamilius take all the money from people’s bonds without their knowledge? EVIL! EVIL!! EVIL!!! I am sure that justice will prevail. Stay positive everyone!!!!

    Costa del Sol pensioner

    31 Jul 12 at 7:17 am

  28. I have been following the latest comments on Sigrun’s excellent blog with interest and I am a little surprised that suddenly French lawyers are now on to the idea that a criminal route is the best way forward, I do hope that this is just not another way for them to make even more money out of you.

    Here in Spain we came up with the strategy of a criminal action 4 years ago against the bank and Hamilius for her complicity. The courts in Denia and San Roque concurred that there was a criminal case to answer and subsequently “ring fenced” our properties with the Land Registry in order to prevent Hamilius taking any action.
    (Enrico, please take note that in Spain criminal action has been ongoing for 4 years).
    The problem is that after 4 years we still have not had our 5 minutes of fame in the courts. We have no idea when the case is ever going to get heard. Assuming that we win, Landsbanki still have the right of appeal and assuming that they lose the appeal, they still have the Supreme Court option. This could all still take years to get our lives back again and many of us do not have that many years left in the tank.From our original group of 120 victims, 10 have passed away.

    There is another solution available and that is to join our Super Group that has been formed between Spanish and French victims and take the fight directly to Hamilius in Luxembourg, as ultimately it is in Luxembourg where this will be settled. This is a highly cost effective solution and actions will be commencing from September.
    Should any of you want more information on this alternative solution, please contact me. [email protected]

    Mike McInnes

    31 Jul 12 at 9:09 am

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