We work to recover the losses of institutional investors and to restore
their confidence in European listed companies.

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About us

Our International Team

Our Firm

Martingale Risk proudly serves international institutional and retail investors who have incurred financial losses from Italian banks, intermediaries and listed companies. Martingale Risk orchestrates lawsuits on behalf of its clients in correspondence with Italian civil and anti-trust laws. Martingale Risk utilizes its financial technical expertise, adept knowledge of the Italian legal system and network of financial lawyers to provide institutional and retail investors with the highest quality of securities recovery service in Italy.

Our Awards

Marco Delzio

Founder, Managing Partner & CEO

Marco Delzio graduated in Economics and Finance from Università L.U.I.S.S. Guido Carli. He holds a master’s degree and a PhD in Mathematical Finance. Dr. Marco Delzio has experience holding senior positions as an Official at the Bank of Italy and the Bank of International Settlements and serving as the Vice President of the Capital Markets departments of Credit Suisse and Citigroup based in London. He is the organizer of the Executive Master’s Course in Derivatives Risk Management at Università L.U.I.S.S. Guido Carli Business School, of which he is a professor and the scientific referent. Dr. Marco Delzio is a Technical Consultant of the Court of Rome and hosts experience as a Partial Technical consultant for hundreds of Italian companies and local authorities. Dr. Marco Delzio is the author of numerous publications and articles on the national and international level.

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Peter Ogden

Director - Head of Institutional Client Management

Mr. Ogden graduated with a BA in International Business from John Cabot University. Prior to his studies, Mr. Ogden participated in the Oxford Tradition Program where he won the “Best Overall Performance Award”. Mr. Ogden was a winner of the Enactus Italian National Championship of 2018 hosted by KPMG, where he was awarded the Junior Ambassador of Trade award by the World Trade Center Association. Mr. Ogden is Head of the International Team. He is responsible for providing all financial and legal consultation necessary for international institutional and retail clients to participate in collective lawsuits. He performs financial analysis, strategic collaborations and forms new securities litigation disputes

Alessandro Proietti

Senior Quantitative Analyst

Mr. Proietti holds an undergraduate and master’s degree in Economics, Markets, and Intermediary Finance from Università di Roma Tor Vergata. He hosts two years of experience as a Reporter of Economics and Finance for IBT Media. Mr. Proietti is a guest lecturer in “Derivatives Risk Management” at Università LUISS Guido Carli Business School. Mr. Proietti is lead analyst of Martingale Risk’s International Team and performs financial analysis for international institutional and retail clients. He also provides support to the management with reports and research about new case opportunities.

Marco Corbucci

Junior Project Manager

Mr. Corbucci holds a BA in Political Science and International Relations and MA in Governance and Politics from Università Luiss Guido Carli. He specialized in finance and marketing thanks to his multiple international experiences at AESE Business School, Lisbon.

Prior to his current position he worked for Fondazione Alda Fendi at Rhinocers palace as junior operation specialist.

He is a consulant of Martingale Risk’s International Team and he provide financial and legal consultation necessary for institutional and retail clients to participate in collective lawsuits.

Lorenzo Bodgdanel

Quantitative Analyst

Mr. Bogdanel holds a master’s degree in Finance and Insurance from Università di Roma La Sapienza.
He is an analyst of Martingale Risk and performs recognized loss caclulations for the firm's international
institutional and retail clients. He regularly supports management with research and financial analysis for current and future cases

Elisa Troiano

HR Manager

Ms. Elisa Troiano holds a BA in Liberal Arts at “La Sapienza” University of Rome, an MA in International Relations and and Second-Level Master’s Degree in International Public Affairs at LUISS University.

She has specialized in Management and Human Resources thanks to her professional experiences at Trinity College London as Junior Project Manager along with her Public Relations Assistant role at the at the Embassy of the United States of America in Rome.

She is currently HR Manager at Martingale Risk, coordinating the company's recruiting process, performance revie

Carlotta Urbani

Business Developement Consultant

Ms. Urbani holds a BA in Political Science and International Relations and an MA in Global Studies from LUISS Guido Carli University.

She boasts considerable experience working as an executive assistant for the Italian-Brazilian Chamber of Commerce in Sao Paulo, Brazil.

She currently works as a Business Development Consultant for Martingale Risk, providing financial and legal consultation to the firm's international institutional and retail clients.

Open Cases

EGB Trading Cartel

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Monte dei Paschi di Siena

Saipem

Bio-On

EGB trading cartel

92%

success cases

58%

out-of-court settlements

€273,987,062

RECOVERED MONEY

>2billion

in Pending Claims

Litigation Process

Preliminary Analysis

Our technical analysts will perform a preliminary free evaluation to establish:

(i) if the case is suitable for litigation, and (ii) the probability of recovering the estimated loss.

Mandate

If the case is suitable, we will agree on a mandate for negotiation and litigation where our compensation will be success fee based.

Analysis & Negotiation

We will perform an in-depth technical analysis on the specific documentation on which we will base the negotiation with the counterparty for a reimbursement of the losses.

Litigation

If a settlement is not reached, we will file the case in front of an Italian tribunal through our highly experienced lawyers.

Recovery Timeline

Out of Court Negotiation

Dispute Letters

Writ of Summons

2nd Settlement Opportunity

Verdict

We file all letters of dispute in order to delay the statute of limitations.

We will file a formal document of dispute into the tribunal.

We will attempt to reach a settlement with the counterparty which usually resolves in approximately 1.5 years from the filing of the writ of summons.

The lawsuit will take an estimated time of 2.5-3 years to reach a final verdict.

Settlement

A majority of our settlements are closed in the course of the proceedings, as the counterparties usually tend to accept settlements before or during the expert investigation ordered by the judge (CTU). This phase usually takes place 18 months after the filing of the writ of summons. Based on our Track Record, 63% of the Lawsuits have been settled prior to the final court decision.

As a result of our fully contingent policy, we have cultivated a strong capability to select “valuable mandates” that likely lead to a successful settlement or positive court judgment. This selection is completed scientifically through our internal proprietary ‘score model’.

Our model assigns a specific score to each of our proceedings, as a result of the documentation obtained by the clients and the background of previous decisions of the specific local court.

With this approach, our method has allowed us to reach a success rate of approximately 92%, depending on the financial instrument.

Italy's legal framework for contractual and non-contractual circumstances directly recognizes an investor's ability to recover their losses

Approximately 70% of our cases settle within 18 months after the filing of the writ of summons.

The Italian tribunal may allocate a recovery value of greater than 100% of the claim

Industry Leaders

Martingale Risk has been recognized for its industry leading role in the Italian market by international publications & numerous Italian newspapers.

Our experienced technical analysts and financial engineers give us an unmatched advantage to recover losses for our clients.

Our Integrated Model

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Lawyers

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Financial
Engineering

Our Value Proposition

Martingale Risk has paved the way for investors to maximize their recovery against Italian banks and listed companies with more than 15 years of success in Italian securities litigation.

Martingale Risk is comprised of a team of more than 50 lawyers and 50 financial technicians, quantitative analysts & consultants. Together, our firm handcrafts all aspects of our lawsuits from the case generation and damage analysis to the writ of summons.

Contact Us

Funds Organize for Legal Action Against Monte dei Paschi di Siena

Developer

Shareholders and investors are ready to act against Monte dei Paschi di Siena. To manage the collection of delegations in a collective lawsuit is Martingale Risk, one of the leaders in Italy in recovering losses on financial investments.

We work to recover the losses of institutional investors and to restore their confidence in European listed companies.