A couple is suing private investment firm All Invest Co Ltd for damages, claiming it lost €12,000 after being conned into purchasing a high-risk product suitable only for experience investors. The proceedings follow a decision by the financial watchdog which had already upheld their complaint. In a judicial protest, Raymond and Maria Lourdes Vidal said they were requesting the investment firm to pay them damages or face legal proceedings. The case dates back to August 31, 2012 when the couple had agreed to invest €30,000 in Commerzbank bonds at 6.375% maturing in 2019, and €12,000 in SNS Bank NV Bonds maturing in 2020 at 6.5%. The couple, however, are insisting that at the time they had not been made aware that these were "subordinated" bonds – a form of high-risk investment – in the Purchase Contract Notes. This omission was particularly relevant as none of them had any experience in complex investment schemes, the aggrieved couple pointed out. While they managed to recoup the capital invested in the €30,000 Commerzbank bonds which were sold, the savings which they had invested in the SNS Bonds were lost as the latter was in a very precarious financial state. The couple...
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