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Home › Society › Economy › Banking, Insurance & Loans › AARP (and related discussions on Swiss Franc loans) (II)

AARP (and related discussions on Swiss Franc loans) (II)

Started by Andrew Booth29 · · 👁 23 views · 351 replies

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Participants Andrew Booth29Robin Bailey7Timothy Kim9Jesse Flores842mellowotter17Thomas Clark91rowdyraven112mistydrifter56Peter Palmernimblelynx63Linda Anderson7Patrick Carter5Nathan Reyes56Rebecca Green7coastalpanther89Gregory Wells5Michael Baker75Noah Perez5Jeremy Carter2Daniel Doyle11Megan Roberts7Tyler Richardson4Douglas Reed4granitecyclist …
Carl Roberts3 Carl Roberts3 Member
12 messages
joined May 2015
#221 ·
I've been seeing all over the place that some of the smaller banks have actually been pretty proactive about settling up with clients once those Swiss Franc loan lawsuits get moving...
It seems like they’re just trying to dodge paying out even bigger settlements when it’s super obvious they’re going to lose anyway...
But then you look at Chase, and they won't budge at all, just letting every single case drag on forever regardless of how much extra money they end up bleeding out in the end...
Does anyone here happen to know the deal with why some stay quiet while others fight it... thanks so much...
Carl Roberts3 Carl Roberts3 Member
12 messages
joined May 2015
#222 ·
Also, does anyone happen to know what actually goes down when you're suing a bank that you're still using for all your business stuff...
Does that end up messing with your client status at all, like maybe they tighten up your terms or something similar...
neondriver5 neondriver5 Active Member
116 messages
joined May 2017
#223 ·
I might have asked this before, but I haven’t received a straight answer yet, so I’m looking for some concrete insight here. Back around 2007, we took out a Swiss Franc loan, which was then converted into USD the following year at what was already a climbing exchange rate. Now, that dollar-denominated loan is finally coming to an end. Throughout that entire period, interest rates were hiked without any real explanation, right up until about 2015 when they started calculating interest based on a floating index plus a fixed margin.

Do we actually have any grounds for a lawsuit? Personally, I find those interest rate hikes incredibly suspicious—at one point, the rate shot up to nearly 9%...
Timothy Kim9 Timothy Kim9 Active Member
100 messages
joined Jun 2007
#224 ·
If you ask me, yeah—this interest rate logic holds up regardless
of what currency the loan was originally in (even if it’s just a court ruling)
rowdyraven292 rowdyraven292 Newcomer
4 messages
joined Feb 2021
#225 ·
If you still have those unconverted loans hanging over your head, you really need to get moving on the legal process...
As for the ones already converted, word is a European Union court ruling is dropping today, which should finally give us some clarity there too.

Stay on top of this! If anyone wants to know how the process works or what the fees look like, just shoot me a DM. I'm happy to walk you through it... just don't wait until your claim expires!
Casey Cook10 Casey Cook10 Active Member
77 messages
joined May 2024
#226 ·
I'm no expert on this stuff, but looking at the ruling, it feels like it's pretty much a foregone conclusion, though I guess whether they get fully compensated through conversion will ultimately be up to the Supreme Court
Karen Doyle72 Karen Doyle72 Active Member
125 messages
joined May 2013
#227 ·
So, looks like we’re stuck in this absolute grind for a few more years. 🙏
Stop acting like you're some pillars of morality and just rule in favor of the banks already—don't pretend to be all high and mighty when we all know exactly what you are. Seriously, half our lives spent litigating because you guys can't seem to actually make a decision?

Personally, there isn't much else I can do besides close my account at Chase and move everything over to a bank that wasn't part of this whole mess.
redpuma24 redpuma24 Newcomer
6 messages
joined Jan 2020
#228 ·
A quick question for those of you (the lucky ones!) who have already received lawsuits regarding unconverted loans:

Once the court expert calculates the overpayment following the preliminary hearing, how long does it typically take for the judge to schedule the main trial?
Do I actually need to show up in person for the main hearing, or can my attorney handle everything on my behalf?
Lastly, do banks still consistently appeal first-instance rulings if they lose, or has that trend shifted toward them just paying out the requested amount to settle things quickly?

Thanks in advance for sharing your experiences!
Patrick Carter5 Patrick Carter5 Member
14 messages
joined May 2014
#229 ·
The Supreme Court is set to hand down its final ruling this Tuesday, so I'm curious—what kind of outcome are you all anticipating?
Karen Doyle72 Karen Doyle72 Active Member
125 messages
joined May 2013
#230 ·
Patrick Carter5 said:The Supreme Court is set to hand down its final ruling this Tuesday, so I'm curious—what kind of outcome are you all anticipating?

So, I was checking my case status on the government portal a few days ago, and get this—it actually says the proceedings have been stayed by a court order.
Basically, that's exactly what I'm calling for.
Casey Cook10 Casey Cook10 Active Member
77 messages
joined May 2024
#231 ·
What do you mean by "suspended"?
I guess all those proceedings are basically on hold until the Supreme Court of the United States makes their final call.
Karen Doyle72 Karen Doyle72 Active Member
125 messages
joined May 2013
#232 ·
Casey Cook10 said:What do you mean by "suspended"?
I guess all those proceedings are basically on hold until the Supreme Court of the United States makes their final call.

https://postimg.cc/fJbLBVkP
rapidskipper12 rapidskipper12 Active Member
209 messages
joined Jan 2019
#233 ·
If you're a party to the case, you can check your status and any rulings right here...
https://www.uscourts.gov/services-forms/electronic-filing-and-case-management-systems
Karen Doyle72 Karen Doyle72 Active Member
125 messages
joined May 2013
#234 ·
rapidskipper12 said:If you're a party to the case, you can check your status and any rulings right here...
https://www.uscourts.gov/services-forms/electronic-filing-and-case-management-systems

Alright, maybe I’m just being a total idiot here. 😀
Chase is basically throwing a tantrum about the case being dismissed—they're refusing to acknowledge any prior court rulings from my lawsuit because they're claiming "every single case is unique." Like, give me a break!
Karen Doyle72 Karen Doyle72 Active Member
125 messages
joined May 2013
#235 ·
It’s like nobody even cares about this thread anymore. 😁
So, the Supreme Court finally dropped their ruling. Honestly, the way our legal system works—it's a joke—judges just vote however they feel like interpreting things, basically whatever suits their mood at the moment.
But there's one thing I'm tripping over... the ruling says we're entitled to default interest up until the conversion date.
Okay, fine, but shouldn't those interest charges be calculated on that total amount all the way until the banks actually cough up the overpaid money, right?
Dennis Sanders4 Dennis Sanders4 Newcomer
2 messages
joined Dec 2022
#236 ·
neondriver5 said:I might have asked this before, but I haven’t received a straight answer yet, so I’m looking for some concrete insight here. Back around 2007, we took out a Swiss Franc loan, which was then converted into USD the following year at what was already a climbing exchange rate. Now, that dollar-denominated loan is finally coming to an end. Throughout that entire period, interest rates were hiked without any real explanation, right up until about 2015 when they started calculating interest based on a floating index plus a fixed margin.

Do we actually have any grounds for a lawsuit? Personally, I find those interest rate hikes incredibly suspicious—at one point, the rate shot up to nearly 9%...

You have more than enough arguments to sue.
Basically, banks are required to justify any increase in interest rates, which they simply cannot do because, during that period, benchmark rates weren't rising—they were actually dropping.
If you were to commission a formal audit of your specific loan, you would find that they essentially overcharged you for money you never even had access to.
Unfortunately, a lot of people don't truly grasp the sheer scale of this whole situation involving foreign currency loans.
It isn't just about those Swiss Franc loans; it applies to almost all credit products from that era.
The banks effectively robbed every single borrower, pulling tens of billions of dollars straight out of the pockets of everyday Americans.
I'm telling you this from my own personal experience, as well as from observing several people currently tied up in litigation. In every single one of these legal proceedings, independent audits have been performed, and in every case, they uncovered irregularities in how the monthly payments were calculated... and that's just the tip of the iceberg.
They rigged the currency exchange, they manipulated the interest rates, and they cheated during the conversion process itself.
Carl Roberts3 Carl Roberts3 Member
12 messages
joined May 2015
#237 ·
I’d honestly love to see big players like Bank of America or Chicago banka actually being forced to pay up for once

even if we had to bring in some kind of intergalactic court to make it happen...
amberfalcon23 amberfalcon23 Newcomer
9 messages
joined Apr 2019
#238 ·
They haven't decided a damn thing. 😢

It’s honestly pathetic that they still haven't tackled the issue of illegal interest rate hikes—which is a pretty straightforward case. The whole point of the conversion was just to level the playing field between Swiss Franc loan holders and Euro loan holders. Since those with Euro loans can sue over these unlawful interest changes, people with converted Swiss Franc loans should have that exact same right. The conversion process didn't fix the underlying illegality of those rates.
Dennis Sanders4 Dennis Sanders4 Newcomer
2 messages
joined Dec 2022
#239 ·
amberfalcon23 said:They haven't decided a damn thing. 😢

It’s honestly pathetic that they still haven't tackled the issue of illegal interest rate hikes—which is a pretty straightforward case. The whole point of the conversion was just to level the playing field between Swiss Franc loan holders and Euro loan holders. Since those with Euro loans can sue over these unlawful interest changes, people with converted Swiss Franc loans should have that exact same right. The conversion process didn't fix the underlying illegality of those rates.

Exactly.
I honestly don't get why so few people with Euro and Dollar loans actually went after the banks.
rowdyraven292 rowdyraven292 Newcomer
4 messages
joined Feb 2021
#240 ·
The Supreme Court's recent ruling on those converted loans was pretty disappointing, but honestly, nothing is settled yet. I'm still holding onto a lot of hope that the Supreme Court will eventually make the right call. Most of the judges seem to agree that consumers really should be entitled to that payout!

Just a heads-up: the statute of limitations hits in June this year! If you haven't filed suit for your non-converted loans yet, you seriously need to move fast... success is looking very likely!

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