Spanish Court Issues Writ To Indict, Question Baron Rothschild Over Mis-selling Claims

Tom Burroughes

22 October 2014

A court in Spain has issued a writ to indict and question French banking luminary Baron David de Rothschild, who will now appear in court, according to Olive Press, a local news publication.

The publication said lawyer Antonio Flores, of Marbella-based Lawbird Legal Services, has succeeded in his demand for the Denia court to indict the chairman of Swiss holding company Rothschild Continuation Holidays. The writ comes as part of an ongoing criminal case against NM Rothschild & Sons, for fraud and fraudulent advertising, the report said.

Lawbird is representing 15 expatriate couples in their action against the investment banking company, after allegedly being mis-sold €4 million ($5.1 million) worth of fraudulent equity releases, it said.

“A great opportunity has opened before us to exert maximum pressure on N M Rothschild & Sons,” Flores was quoted as saying.

There is also a civil case in a Malaga court against the bank for misleading advertising.

Flores claims the Baron is the person ultimately responsible for allowing the false advertising to be distributed in Spain for the bank’s CreditSelect Series loan, the report said.