Collective Lawsuit Against Carige

LOSS RECOVERY THROUGH LEGAL ACTION. FIND OUT IF YOU CAN JOIN US.

Banca Carige is one of Italy’s largest banks, headquartered in Genoa with over 500 branches nationwide (www.gruppocarige.it). Since 2012, Banca Carige has experienced serious economic and financial difficulty due to questionable management and three capital increases totalling more than EUR 2 billion.  

In 2018, the Board of Directors approved the results of the first nine months of 2018 which demonstrated a significant loss of EUR 188.9 million. As a result, the limit of the third of the share capital was exceeded.

In 2009, CONSOB, the supervisory authority for the Italian financial products and intermediaries, made the decision to suspend share negotiations indefinitely and to freeze the relative loss until the bank could define a plan to exit the situation. In addition, Banca Carige was unable to comply with the ECB’s Overall Capital Requirement (OCR). Investors who invested in Banca Carige have lost upwards of 82% of their share value in one year and as much as 98% in three years.

Our Proposal

We propose to file a class action lawsuit and individual suits on the investor’s behalf against Banca Carige, which will be held at the Court of Genoa. The lawsuit is directed at obtaining a repayment of the damages incurred from investment losses in Banca Carige and specific violations sanctioned by CONSOB.

In some cases we work on a success fee basis, claiming our compensation as a percentage of the recovered amount, once the client receives their repayment.

Terms and Conditions

1. Compensation: Martingale Risk will collect a Success Fee equal to 25% (twenty-five percent) plus VAT calculated on the Losses Recovered from Carige, as resulting from: (a) the conclusion of a settlement agreement with Carige in the Negotiation or Litigation phase; (b) the issuance of a definitive successful court trial.

2. Expenses: Martingale Risk will pay all administrative and tax expenses incurred in the Litigation, such as: notification and registration expenses for documents filed to the Court and any administrative expenses and fees related to the experts eventually engaged by the Court. Martingale Risk will be liable to pay the legal adverse costs in case of an unsuccessful lawsuit.

3. Representation: The Client will sign a mandate providing Martingale Risk with Power of Attorney which includes the power to take every decision concerning the lawsuit, including the power to settle, to collect, and dispersed the recovered amount from Carige until the issuance of a definitive decision. The Client will also sign a Power of Attorney to the lawyer (s) directly involved in the litigation.  

DISCLAIMER: THESE TERMS ARE INDICATIVE AND NON-BINDING AND CAN BE SUBJECT TO CHANGES PRIOR TO THE SIGNING OF THE MANDATE, GIVEN THE RESULTS OF THE PRELIMINARY ANALYSIS AND PRELIMINARY LEGAL OPINION. MARTINGALE RISK WILL RESERVE ALL THE RIGHTS TO DECLINE THE DEFENSE OF EACH CLIENT THAT IS DEEMED UNSUITABLE TO THE LAWSUIT. ALL DISPUTES RELATED TO THE INTERPRETATION OF THE MANDATE WILL BE REGULATED BY THE INTERNATIONAL CHAMBER OF COMMERCE (ICC).

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