UBI Banca Group

16031). It must also be underlined that the Court of Monza – which is the court in
which the case in question originates – in a recent ruling (12 th September 2007)
peremptorily excluded that the grant of a long term loan under market conditions could
constitute damages which should be compensated by the company granting the loan. In
fact no grounds exist for substantial damages to an estate, because damages only exist
in the legal sense where a legally significant interest has been impaired and the grant of
a loan, while it may be abusive, does not cause damage (after the statements of claim
and counter claims were filed, the case was returned to the court).
A writ served by a former director of C.I.T. Spa on Banco di Brescia, on five other banks,
on other directors, on the statutory auditors of CIT and on the independent auditors of
CIT Spa, with the intention of ascertaining the responsibilities of the other members of
the board of directors and statutory auditors of CIT Spa and also of the banks which, by
participating in a company turnaround plan, had enabled the company to continue to
operate, causing damages to the company and to its creditors, with the consequent
aggravation of the capital and operating situation and strengthening of the guarantees
given to back loans. This writ followed on from litigation directly between the court
appointed receiver of CIT and the former director for responsibility over the failure of the
company. The hearing for the pleadings on the preliminary objections (invalid locus
standi and nullity of the writ) raised by the bank was held on 17 th January 2012,
during which the judge held the case over allowing the legal time limits for final written
statements to be filed along with the responses and for a possible verbal hearing;
3. action against Banca Popolare di Bergamo concerning the purchase of covered warrants
and Olivetti warrants (the latter via internet banking) with a total claim of €5,630,000.
In this case the counterparty not only alleges failure to receive proper information on
the risks attaching to covered trades, but also disowned the signatures on the contract
documents, required by regulations governing financial instruments and the capital in
question. Investigations performed by the internal audit function into the affair found
no evidence of liability of the Bank in the transactions in question. Later the
counterparty accepted that the signatures were his, but claimed that he had signed
blank forms which had subsequently been filled in abusively by the bank. The court set
hearing for pleadings for 14 th April 2012.
Banca Popolare Bergamo S.p.A. is also involved in a case concerning a number of
combined claims for a total amount of €12,500,000, regarding an appeal against an
injunction, compounding of interest and compensation for damages following a
mistaken protest of cheques (case halted following the bankruptcy of the counterparty
and then resumed within the legal time limits) for which a ruling is now expected;
4. five cases against Centrobanca:
– one action with a government counterparty concerning the restitution of a
payment of €20 million collected following the enforcement of a guarantee
granted;
– a compensation action for claimed damages of €65 million brought by the
official receiver of FIRS Spa concerning declarations made by Centrobanca
regarding the availability of securities belonging to FIRS held on deposit;
– a writ served by Burani Designer Holding B.V. (BDH) concerning the possible
liability of Centrobanca with regard to the public tender offer to purchase
launched by Mariella Burani Family Holding (MBFH) on the shares of the
Mariella Burani Fashion Group;
– a writ concerning failure to fulfil contract obligations towards Zero SGR.
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