BNP Garantie Jet 3
In 2001, BNP PARIBAS started selling the product ‘BNP Garantie Jet 3’ on the investment market. It soon attracted many an investor’s attention because it promised maximum safety with the possibility to triple the paid-up capital within ten years. The brochure also claimed that the consumer would, at the every least, recover the entire investment at the end of the term.
But BNP PARIBAS did not keep its promise. After ten years, consumers ultimately received less money than they had originally invested. In its promotion, the bank concealed that the invested capital would be reduced by approximately 10% due to various fees. The criminal court of Paris sentenced BNP PARIBAS in 2016 to a fine of €187,500 and asked it to compensate consumers for the financial damage.