7 Gambling Companies Sue Bank for Alleged Abuse of Power

Earlier this year, ING Bank announced the termination of its banking relationships with seven gambling companies operating in Henegouwen and Brussels, without providing reasons. Following unsuccessful attempts to reach an amicable settlement, the companies have filed a lawsuit accusing the bank of discrimination and abuse of power. They are also requesting an extension of the notice period from three to six months to secure alternative banking arrangements and avoid operational disruption.

Daily operations under threat

The gambling companies, composed of one individual and six corporations, led by a common figure, are fighting to extend their banking relationships to prevent a sudden lack of banking support which threatens their day-to-day operations. They maintain 30 bank accounts and several loans with ING, highlighting the critical nature of these services to their businesses.

According to the companies’ lawyer, David Szafran of Cew & Partners, this action by ING is perceived as discriminatory, especially as their industry peers continue to maintain banking relationships with the bank. 

“My client structured her activities in reliance on this banking relationship. Being excluded in this manner, without any given reason, jeopardises her business,” Szafran argued.

Szafran also noted that all affected gambling companies are fully licensed and operate legally under regulations established by the Belgian Gambling Commission. Indeed, any gaming company in Belgium is required to have a license from the gaming commission.

ING defends itself

In response, ING defended its decision, stating that a three-month notice period was given, rather than the contractually stipulated 15 days, providing the companies ample time to find a new financial partner. 

“With a three-month notice period, there can hardly be talk of an abrupt termination. Claims of abuse of power are overstretched,” said Jean-Pierre Buyle, lawyer for ING.

Buyle reminded that the parties had agreed to a general operational regulation for each bank account and loan, which includes a clause allowing either party to terminate the relationship at will without having to justify their decision. He emphasised that the termination act is irreversible and argued that requesting ING to reverse its decision infringes on the bank’s rights, urging the court to declare the companies’ request as unjustified.