Helvet Immo case: appeal trial set for May-June

BNP Paribas Personal Finance, known in France under the Cetelem brand, is accused of having concealed the risks induced by these loans in Swiss francs but reimbursable in euros, marketed in 2008 and 2009, to the detriment of 4.600 borrowers.

When, after the financial crisis, the euro had stalled against the Swiss currency, these loans intended for tax-free rental investment had become toxic: borrowers had seen the amounts to be repaid soar.

Following a first criminal trial, the company was sentenced on February 26, 2020 for deceptive commercial practice and concealment of this offense to the maximum fine of 187.500 euros and to pay approximately 127 million euros in damages- interests.

The company immediately appealed.

"My clients welcome the appeal hearing of the criminal trial in May 2023," said AFP Me Charles Constantin-Vallet, lawyer for around 1.300 civil parties out of the 2.300 constituted at trial.

"They want this to put a stop to the headlong rush of BNP PPF, which refuses against the evidence to make them a serious proposal for an amicable settlement of the dispute or to recognize its responsibility", he added. .

Asked by AFP, the bank's lawyer did not wish to make a statement.

After the trial, the company had asked for the suspension of the provisional execution ordered by the court, a measure which imposed the immediate payment, even in the event of an appeal, of damages to the borrowers.

In September 2020, this request was rejected by the Court of Appeal.

Another decision since the first trial, the Court of Justice of the European Union (CJEU) agreed with the borrowers on June 10, 2021, concluding that the contracts included "unfair terms".

The district court of Lagny-sur-Marne (Seine-et-Marne) and the tribunal de grande instance of Paris had asked the CJEU to rule on this subject.

In parallel with the criminal trial, the borrowers have indeed individually initiated proceedings before the civil courts across France in order to have their contract canceled.

After the decision of the CJEU, the Court of Cassation issued in March and April 2022 several decisions favorable to borrowers on the civil level. Courts of appeal and courts now rule over the months in these thousands of cases.