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Austrian Association Against Predatory Credit files class-action lawsuit against Deutsche Bank

by on January 19, 2015

Since the current political class seems neither able nor willing to protect citizens from hazardous banking practices, the Austrian Association Against Predatory Credit ‘Kreditopferverein‘ (AAPC) is launching its first class-action lawsuit against systemic fraud by banks.
In November 2013, the European Commission fined a number of large banks for manipulating LIBOR and EURIBOR. As these two reference interest rates can be found in most credit contracts, the fraud affected millions of debtors. To date, no one has taken steps toward compensating the debtors. Worse still, debtors are expropriated when they have trouble paying and their property is forcibly auctioned off (foreclosure) – despite their having paid interest rates built on a manipulated base rate.
For too long, there has been no certainty regarding the full extent of the damage by LIBOR/EURIBOR manipulation. AAPC’s current class-action lawsuit wants to help achieve this certainty. One must also ask the question, whether contracts that are partly based on deceit can even be legally valid. For AAPC, this lawsuit is one step towards fixing fundamental flaws in our system.
Contrary to common knowledge, banks don’t lend out the money of savers, but create new money out of thin air whenever they make a loan – without a real asset base! The upshot of this is that our money supply is in the hands of a few banks – how undemocratic! Democracy is a farce without democratic money.

Original press release (German): “KOV Kreditopferverein klagt Deutsche Bank

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