Bank Santander Totta has been ordered to compensate a client encouraged to plough savings into dodgy bonds. The bonds were presented as investments in Novo Banco, when they were in fact under threat of being relegated to Novo Banco’s bankrupt predecessor BES. When this happened, the client effectively lost his money. Now that Lisbon’s Civil Court has ruled in the client’s favour, it remains to be seen if Santander Totta appeals.
The court has ordered the bank to pay the former client €103,722.88 plus default interest from the date of the ‘investment’, which dates back to April 2015.
What makes this story even more remarkable is that the client was ‘advised’ to invest his money by his own brother – described as an account executive for Santander Totta.