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Open Case:

Collective Action Against Monte dei Paschi di Siena

LOSS RECOVERY THROUGH LEGAL ACTION. DEADLINE: MARCH 15th, 2021

Banca Monte dei Paschi di Siena S.p.A. (MPS) is the fourth largest Italian commercial and retail bank and the oldest bank in the world.

In the last ten years MPS has committed a long series of serious violations related to the disclosure of false information to the market through financial statements and other official public documents. MPS has carried out numerous complex structured financial transactions aimed at altering its actual economic and financial situation to the detriment of investors.

Between 2013 and 2018, CONSOB, the supervisory authority for the Italian financial products and intermediaries, sanctioned MPS ten times for falsifying their 2008, 2009, 2010 and 2011 financial statements and for the non-compliance of their consolidated 2014 financial statement and the non-compliance of their June 2015 semi-annual financial report.

Despite four capital increases within a few years, MPS lost approximately 99.99% of its market value. Between 2016 and 2017, CONSOB suspended MPS shares from trading for almost a year. After being readmitted to trading, MPS lost more than 80% of its value in just over a year.

According to CONSOB’s General Director, Dr. Angelo Apponi, “The recent history of MPS represents a framework of fraudulent activities aimed at concealing the actual economic and financial situation of the issuer, as well as the negative outcomes of transactions carried out by the issuer”.

Our Proposal

We propose to file a class action lawsuit and as well individual suits on the investor’s behalf against Banca Monte dei Paschi di Siena S.p.A., which will be held at the Court of Siena.

The lawsuit is directed at obtaining a repayment of the damages incurred from the investment losses between 2009 and 2018, given the false financial statements released by MPS and the many sanctions imposed by CONSOB.

In some cases, we work on a success fee basis, claiming our compensation as a percentage of the recovered amount, only once the clients will have received their repayment. The deadline for this lawsuit closed on December 4th, as per the statute of limitations on December 11th.

Martingale Risk is investigating to include the October 15th, 2020 the Court of Milan ruling, which convicted the former MPS CEO Fabrizio Viola and former chairman Alessandro Profumo to six years and the former president of the statutory auditors Paolo Salvadori to three and a half years for corporate miscommunication and stock manipulation. The former CEO and Chairman were also charged with fines of €2.5 million.

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 MPS, as resulting from: (a) the conclusion of a settlement agreement with MPS 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 MPS 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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Contact Us For More Information

Please fill out the form below for more information on the lawsuit.

VAT: 10408251006

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