Santander Criminal Update

Santander claims to have bullied 93% of its private clients into accepting some form of its derisive offer. Of those that were not offered it or refused, most have been contemplating legal action. Naturally, nobody wanted to be the first to spend money on lawyers, before seeing what chances of success would be like. This cautious wait put many to sleep, including this blog over the last few months. However there is now renewed life coming into the case against Santander.

Just over a week ago, Geneva Partners, a small wealth manager in Switzerland has taken Santander and Optimal to court in a criminal action. They argue that Optimal lied to its clients about the due diligence it was supposedly performing – something that is obvious to all observers, but will take time to prove. They are encouraging other interested parties to contact them with regard to this action.

Additionally, there is an increasing number of other Swiss law firms keen to pursue action against Santander. Swiss law is actually quite strict with regard to investor protection and requirements for due care and disclosure in client relationships. It also does not allow banks to bankrupt their subsidiary in order to absolve themselves of all guilt. This blog has details of such firms and will forward them to interested parties – contact details on the About page.

Naturally the investigation process will take time, but it is heavily in the interest of Swiss authorities to demonstrate that they will not tolerate lying and stealing from clients of Swiss regulated institutions. If they fail to punish Santander and compensate its victims, the already shaken aura of Swiss dependability will take a further blow by putting the protection of its legal system into doubt.