The Collective for a Citizen Audit of the Debt Nice and Anticor 06, along with Florence Laplane, Nadège Bonfils, Séverine Tessier, and Jean-Christophe Picard, believe that the citizen pressure has been successful and that, in the end, Christian Estrosi will ask the municipal council for authorization to take legal action against Dexia!
The proof? It must be noted that resolution no. 7.5, which will be presented to the Municipal Council on June 3, 2013, incorporates—without mentioning them—the arguments and case law cited in the letter of April 19, 2013*:
“Considering that the Tribunal de Grande Instance of Nanterre ruled on February 8, 2013, on the dispute between Dexia and the General Council of Seine-Saint-Denis concerning three so-called toxic loans, by replacing the contractual interest rate of the contracts with the prevailing legal interest rate, following the failure to fulfill disclosure and warning obligations,
Considering that the procedure applicable for loan no. 448 concluded between the city of Nice and Dexia is identical to that applicable between the Department of Seine-Saint-Denis and Dexia,
Considering for this loan, the absence of the TEG, on the return of the confirmation documents, which constitute an irrevocable commitment of the borrower to the bank, […]
Considering the possibility of bringing a legal action against the Société de Financement Local (SFIL – formerly DEXIA Crédit Local) on the grounds of the bank’s contractual civil liability for failing to fulfill its disclosure and warning obligations,”
That being said, the participants note that the action against Dexia could have happened earlier. For instance, the General Council of Seine-Saint-Denis—who was at the origin of the February 8, 2013 case law—had attacked Dexia as early as 2011!
Most importantly, resolution no. 7.5 only concerns loan no. 448 and does not explain how the other two toxic loans of the city (numbers 430 and 450) which were explicitly mentioned in the letter of April 19, 2013, will be settled.
