The Versailles Court of Appeal issued four landmark decisions on 21September 2016 in the cases concerning the structured loans granted and commercialized (with respect to the loans granted on behalf of CAFFIL) by DEXIA Crédit Local to four municipalities.
It was the first time that the Versailles Court of Appeal ruled in these disputes that previously resulted in several judgments handed down by the Tribunal de grande instance de Nanterre.
The Court of Appeal dismissed all the borrowers’ claims for a declaration of invalidity or for damages.
Specific emphasis should be put on the decision handed down in the Commune de Saint Cast Le Guildo case since it was the only file in which the banks (Dexia Crédit Local and CAFFIL) had been sentenced by the Tribunal de grande instance de Nanterre to grant damages to the municipality. The Versailles Court of Appeal reversed that judgment.