The Olive Press reports that Spanish lawyer Antonio Flores of Marbella-based Lawbird Legal Services has successfully appealed the Denia court to indict the French banking magnate.
Rothschild is the chairman of Swiss holding company Rothschild Continuation Holidays.
Lawbird will represent 15 expat couples who allege the company mis-sold a total of €4m worth of fraudulent equity release products.
The charges come as part of ongoing actions against N.M Rothschild & Sons for fraud and fraudulent advertising.
“It remains to be seen how the bank will tackle this setback,” Flores reportedly said. “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.”
He claims Rothschild was responsible for allowing false advertising to be distributed in Spain for the bank’s CreditSelect Series loan.
