An Alicante, Spain, court has issued a writ to indict as well as Baron David de Rothschild, the chairman of Swiss holding company Rothschild Continuation Holidays, who will now appear in court, The Olive Press reported.
The writ comes as part of an ongoing criminal case against N.M Rothschild & Sons, for fraud and fraudulent advertising.
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The Lawbird Legal Services is representing 15 expat couples who claim they have been sold $5.1 million worth of fraudulent equity releases.
“A great opportunity has opened before us to exert maximum pressure on N.M Rothschild & Sons, ” Antonio Flores, attorney for the plaintiffs, announced, adding, “It remains to be seen how the bank will tackle this setback. So far, the Rothschild camp have stood firmly by their CreditSelect loan product, deriding clients’ claims and being dismissive of the authority and capacity of Spanish courts.”
The Olive Press also reported a civil case in a Malaga court against the bank for misleading advertising.
Flores believes the Baron is responsible for allowing the false advertising to be distributed in Spain for his bank’s CreditSelect Series loan.