Can answer Alexa KBC questions
"My client has double damage," the newspaper quotes the asset manager's lawyer. The company has a conservative investment behavior and yet the customer portfolio has clearly lost value. The asset manager himself also suffered financial damage.
KBL European Private Bankers contacted the asset manager in early 2007 to market so-called CDOs.
CDO stands for "Collateralized Debt Obligation". This is an umbrella term for financial instruments that belong to the group of asset-backed securities and structured credit products.
These were bonds that were marketed by KBC.
According to KBC and KBL, these were safe products with ratings between “triple A” and “triple B”. According to the bank, the portfolio is said to have been widely diversified and not very risky.
The Luxembourg asset manager then advised his private customers to use the products, L’Echo continued. In January 2008, the asset manager's clients received a letter from the custodian banks - mainly Swiss banks - informing them of the drop in the price of structured loans.
The asset manager then turned to KBC and KBL. The newspaper quoted the lawyer as saying that the latter would have turned their backs and spoke of an error by the custodian banks.
8.35 million euros
Both banks also refused to take back the papers. Since then, a solution to compensation has been sought - without success. According to L’Echo, the asset manager has refused compensation of one million euros. Since then, both banks have rejected any responsibility.
In May 2009 the KBL stated in a letter that the investment decisions of the asset manager's clients were based on the manager's initiative. The bank merely carried out this decision.
KBC and KBL remind you that the administrator himself is a financial service provider with a PSF statute who, on his own initiative, contacted the KBL trading room, which informed him about the CDOs.
The Luxembourg bank therefore assures that it has fulfilled its duty by handing over the commercial and legal documentation on the products.
Both banks withheld information for the lawyer at the time of the offer. Therefore, the company advised its customers on the basis of incorrect information. The lawyer is now demanding 8.35 million euros in a Brussels commercial court. Alexa Lepage
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