Lack of information - price too high: New class action lawsuit planned against Volksbank

Lack of information - price too high: New class action lawsuit planned against Volksbank

Bolzano – A new class action lawsuit is imminent against the Südtiroler Volksbank after a lawsuit by Volksbank shareholders in Venice was already approved. The shareholders' committee, consisting of 3,000 Volksbank shareholders, is preparing this lawsuit because the shares have lost 55 percent of their value since they were purchased nine years ago, although the bank achieved a net profit of 100 million euros in 2023.

President Walter Andreaus of the Robin consumer protection association criticizes the fact that the bank allegedly did not comply with various financial regulations, particularly with regard to a lack of information and inflated share prices in the 2015/16 capital increase. The shareholders' committee claims that many shareholders have had their rights restricted and that the bank is not willing to negotiate, which is why a legal dispute is unavoidable.

Around 27,000 people purchased shares as part of the capital increase and have the opportunity to join the class action lawsuit. The Venice Court of Appeal has already approved a similar class action, which will be heard in September to decide on possible compensation for shareholders. The situation continues to raise questions about Südtiroler Volksbank's actions and transparency, which are being criticized from various quarters.