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Tuesday, May 30, 2023

Banca Popolare di Bari will compensate a customer for not selling shares

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The Bari court has sentenced Banca Popolare di Bari for the first time to compensate a customer for not selling shares. The compensation that the latter received for the damage has a value of approximately 50 thousand euros. The judicial authorities determined that the sales order placed by the customer would have been set aside in favor of later, more “substantial” orders, and the bank was therefore required to pay damages.

The story

The client had issued the sell order in 2015 and then renewed it in 2016. Banca Popolare di Bari did not execute due to the lack of corresponding orders to buy the securities. So the motivation given had not convinced him the client turned to the Association of Consumer Lawyers. With a sentencethe court settled the case by requiring the Bank to provide a copy of the chronological record of the sale of the shares so that any violations against which customers could be verified.

The missed opportunity

Numerous critical issues have been identified in the execution of substantial post-customer orders, which were confirmed during a technical consultancy (Ctu) assessment. Subsequently, a class action was initiateda in favor of numerous shareholders for compensation for the damage caused by the non-collection of the sale price or, as determined by the Tribunal, by the loss of an opportunity. In particular, this is the first that has been closed positively for the customer. Thus, with its decision, the Court established the presence of “damage from the loss of a useful result, a profit which the customer would most likely have obtained if the Bank had complied with the rules”.

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Source: Corriere

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