Helvet Immo case: start of the appeal trial of a subsidiary of BNP Paribas

The hearing began at the beginning of the afternoon in a large packed room of the historic courthouse in the capital, on the Ile de la Cité, where nearly 200 civil parties and several dozen lawyers had taken their seats. .

In this case, the BNP subsidiary was sentenced at first instance on February 26, 2020 to the maximum fine of 187.500 euros and to pay some 127 million euros in damages.

The company, whose lawyers pleaded for release, appealed.

The BNP subsidiary is retried until June 7: in question, the marketing in 2008 and 2009 of real estate loans called Helvet Immo, intended for tax-free rental investment.

These loans had the particularity of being denominated in Swiss francs but repayable in euros. However, in the wake of the 2008 financial crisis, the euro fell sharply against the Swiss currency: borrowers then saw the amounts to be repaid explode, sometimes by more than 30%.

The bank is suspected of having concealed this exchange risk, in the credit offer and in the commercial arguments provided to intermediaries, for the approximately 4.600 contracts signed.

After having verified, as is customary, the identity of the legal representative of the company, the president of the court began the appeal of the lawyers of the approximately 2.500 borrowers who brought civil action.

Two couples, one from Ain and the other from the North, who did not wish to reveal their full identity, sat side by side on a bench in the courtroom.

"It was important" to be present, summed up Laurent, 53.

"We are here to support our law firms and show this famous bank that everyone is very, very unhappy," said the other, Michel, 67. "We came to get to the bottom of things."

"We wouldn't want to leave debts as an inheritance to our children," added his companion, Joëlle, 64.

After the first trial, BNPPF requested the suspension of the provisional execution imposing the immediate payment of damages. In September 2020, the Court of Appeal rejected this request: the civil parties received the sums, but they could be canceled or modified at the end of this second trial.