Sorry for posting in this forum, hopefully the thread title is sufficiently clear and narrow to only attract those few with the pertinent knowledge. I received an e-mail today that made me physically sick given my awareness of what is going on now from way back in early 2007. My father, who I have counseled on his portfolio monthly over the last several years told me he received a call from his Citibank Espana FA who told him that the Bono 50-50 and Bono climber bonds that they advised him to buy (against my advice I should add) are now worthless (a high 5 figure Euro loss). His instructions to his Citibank FA was 100% principle protection above all else and the a better return than a savings account so they put him in these Bonds linked to the DJ Eurostoxx 50 that were supposed to not be able to fall below par but if the market did well then the bond would participate in some of the upside. Well guess who put these pieces of crap out, Lehman. So now Citi who sold him these things (he is 70 this year) is telling him that they are worthless. It gets worse, he now confesses that he also has a significant position in the July 09 Citibank Espana bonds with fixed rate of 5-6%, and another large position in MER's 2012 Bono IBEX 35 bonds. I know that I am not alone in having parents that don't listen to financial advice (he did buy gold when it was at $425 on my advice so he listens sometimes) and he trusted his citybank advisor when he was told that the principle of these instruments was guaranteed. I know in the US he would have some recourse but in Spain does he and if so anyone know a good Spanish law firm that deals with this type of thing? Any help would be greatly appreciated, I am sick and in disbelief that this would happen to my own father after all the warnings that I have given him in the last year. One sick irony is that he switched from his local Spanish bank that had been writing mortgages left and right that I was very concerned about to Citibank on my advice, I had no idea thay would con him in to these kind of instruments as his mantra is 100% principle protection and would never buy anything that had any principle risk unless he was lied to.