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60 customers accuse the bank of “false promises” on investing in titles linked to the former Portugal Telecom.
It will be decided in the coming months by the Central Civil Court of Lisbon whether or not the Deutsche Bank will have to compensate at 5.7 million euros Portuguese customers.
According to it, it is concerned, the issuance of a complex financial product in 2013, made by the German Bank branch notes PT2020. These investments were debt securities linked to obligations of Portugal Telecom, which was at the time the largest Portuguese telecommunications company.
Now 60 Portuguese investors accuse the bank to “take advantage of the lack of knowledge” about “financial affairs”. Customers accuse the bank of “sell them a complex financial product, whose terms were incomprehensible for ordinary people“. They also accuse Deutsche Bank to have“ captured for themselves excessive profits ”as a result of these investments.
According to the initial petition that spoiled the case, on a scale of 1 to 9 customers are part of a position of “limited financial knowledge”, in positions between 3 and 4 points.
“They have never expressed anywhere willing to take the risks of a Brazilian company, Oi, These risks that have never been communicated to them“Customers say.
The losses were about 80% for each client, and range from the 20 thousand to 200 thousand eurosaccording to the documentation delivered.
The Deutsche Bank “gained a total of at least 18.566% with the emission and sale of the PT2020 notes, at expense of customers, who suffered losses of 87.431% of the investment”.
The bank argues that “contrary to what is intended to believe with the carried narrative, They are not inexperienced investors, They had no lack of knowledge about the product they subscribed and mostly had an earlier history in the subscription of structured products. ”
