Unfair Terms And The Banking Law Contract

A company had signed a securities account agreement with a bank, allocating a certain sum to its investment, and by two agreements of the same day, the bank granted the investor two credits under so-called Lombard Credit agreements, which were to be used for stock market investments.

However, the execution of the agreements has been impacted by the financial crisis of 2009, and the investor suffered heavy financial losses.

The credit agreements contained two clauses which the bank took advantage of.

• The first one said that the borrower "declares that he approves without reservation the operations recorded by the Bank on the account statements, since the opening of this account, which he acknowledges having personally instructed, and he expressly waives any claim in this regard, whatever the nature or purpose";