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South Tyrol Shareholders' Committee wins in court against Volksbank - thousands of shareholders affected
Two more judgments against Volksbank for share sales in South Tyrol - Find out more about the class action lawsuit and the decisive court decisions. Shareholders can express interest at aksuedtirol@gmail.com.
South Tyrol Shareholders' Committee wins in court against Volksbank - thousands of shareholders affected
The South Tyrol Shareholders' Committee, represented by the lawyers Prof. Massimo Cerniglia, Alessandro Caponi and Roberto Ciammarughi, informed about the approval of a class action against Volksbank by the Venice Court and the Lagoon Court of Appeal. According to the consumer protection association Robin, investors were misled by misleading information into buying shares in the bank without knowing the actual risks.
The South Tyrol Shareholders' Committee also filed numerous lawsuits from individual shareholders with the Bolzano Regional Court. The behavior of the Südtiroler Volksbank, which was classified as illegal, was denounced based on the Financial Services Act of 1998 and the Consob Ordinance of 2007. It was highlighted that the bank had sold its shares to a large number of shareholders using inaccurate and erroneous advice.
On April 15, 2024, further judgments were made in favor of the shareholders, in which the bank's incorrect advice was recognized. Judge Grossmann of the Bolzano Regional Court found the product sheet to be untrue, which gave savers false expectations about the liquidation of the shares. In addition, the failure to submit the information prospectus during the 2015 capital increase was viewed as a serious breach of contract, which opens up the possibility of terminating the securities purchase agreement.
Shareholders can send current information on the ongoing legal disputes by sending an expression of interest to the shareholder committee's email address: aksuedtirol@gmail.com.