The Court of Padua sentenced the Patti Chiari Consortium , Savings Bank of Veneto spa to compensate the damages caused to Finanziaria APS spa, a company owned by Municipality of Padua – assisted by the Spinazzi Azzarita Troi Law Firm of Padua, with partner Mario Azzarita (photo attached) – due to incorrect assessments regarding the low risk of investing in Lehman Brothers Holding bonds.
The dispute, initiated in 2009, on behalf of the director of the company Dr. Gaetano Sirone, was aimed not only at recovering the investment made by the public company, but also at obtaining a previous "forerunner" for a large group of private savers , who had lost part of their savings in securities issued by the American bank.
Lawyer Mario Azzarita points out that the Paduan decision represents an innovative precedent in the Italian jurisprudential panorama, since the Court first of all ascertained a contractual liability of the PattiChiari Consortium towards savers (with consequent application of a ten-year limitation period from the date of default of the issuer to the case) and, secondly, the joint liability of the intermediary bank, as a consortium member in Patti Chiari.
