Unfair Contract Terms Directive, Article 2, (b)

Investors that are regular salaried workers are consumers.

The plaintiffs, a group of investors consisting of regular salaried workers, invested in an investment project of a group of brokers, which required the formation of two investment companies. In relation to the formation of the investment companies, the group of brokers took out a loan in a bank, the defendant, on behalf of the investors. The investment companies later had to cease all investment activity, which resulted in the plantiffs suffering a loss.

The court stated that the defendant must have realized that the plaintiffs were not acting in the course of their trade when they entered into the loan agreements. Consequently, the plaintiffs were considered consumers under the law.

Are investors that are regular salaried workers consumers in relation to a loan agreement entered into between a group of brokers and a bank on their behalf?

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The plaintiffs had lost the right to void the contracts on the grounds of their consumer status due to passivity and the defendant was therefore acquitted.