A German bank sells controversial and high-risk structured products to municipalities, municipal utilities and SMEs.
As a result, many suffer great losses. However, the financial institution simply shrugs and claims to have sufficiently informed the clients of the risks involved.
The municipalities and the SMEs feel cheated and sue the bank(s).
How we took action:
Thanks to the sophisticated communication strategies of NAÏMA Strategic Legal Services, the media took up the case.
The highly complex financial product was described and presented in a clear way for the media, and the subsequent societal damage was outlined. In the end, the media coverage of the topic led to a flood of lawsuits against the financial institution (as well as against other banks).
The courts informed themselves about the severe implications of the structured products via the media and the Internet. Crucial documents were anonymously passed on to the prosecuting counsel from the executive suite of the bank.
The primarily accused financial institution had to accept serious damage to its image; it was convicted multiple times of misselling, and in some cases agreed to extrajudicial settlements with the municipalities and SMEs.
In turn, the law firm that was in charge won many new clients who had become aware of them through the media campaign.