Banca Popolare di Bari must immediately reimburse its customer who has lost all his savings in shares that have become unsaleable, good only for separate collection of paper. After more than 350 rulings by the Arbitrator for financial disputes (ACF) now comes a court ruling. The beneficiary is a retired teacher from Bari, who had invested almost all the savings of her life: 129,000 euros. The sentence of last April 15, already enforceable but against which the bank can appeal, is a very important precedent, which could lead the Popolare di Bari to change direction and meet the rights of the many savers betrayed by the previous management.
The collapse of the Apulian institute, with branches all over Italy, has put thousands of small investors in trouble. In fact, between 2016 and 2020 the value of the bank’s shares plummeted to zero as they have become unsaleable. Many of the shareholders left on the street are small savers, with little or no knowledge of finance and investments. People who have been foisted with illiquid shares (that is, not resalable at will as they would do on the stock exchange) passed off as safe investments, like a government bond. When the real situation of the institution came to light, it was too late: the shareholders were held hostage by shares emptied of all value.
So far the ACF has proved many savers right with around 390 rulings in their favor against Banca Popolare di Bari. In these decisions, the arbitrator asks the bank to reimburse the shareholder for the money lost, but the rulings are not binding. It means that the bank can ignore them without fear of penalties. And that’s exactly what continues to happen, even with the new administration.
“This time, however, we decided to bring a lawsuit – explains Antonio Pinto, lawyer of Confconsumatori who followed the procedure on behalf of the shareholder – and in essence we asked the judge to confirm the decision of Acf which, although not enforceable, is largely founded and documented. And in fact the judge fully confirmed what the referee had already found, ordering the reimbursement which will take place very soon “.
The ruling is new, but the story of the shareholder-teacher is actually similar to many others. Pinto explains that the ACF – and then the court – found several misconduct on the part of the bank. Among these, the fact of having sold high-risk securities to a client whose profile was not that of an experienced investor, not having informed the client of the risks she was facing, not having diversified her portfolio, making her bet everything on those shares .
The legal victory could have repercussions for the army of small savers betrayed by Banca Popolare di Bari. “For some time we have been asking for a conciliation table with the bank, to give the right rest to all those shareholders who did not have the skills to understand the risk . But so far we have not received an answer ”. As things have turned out, however, the table could also be the best option for the bank: “Generally, in these negotiations, refreshments are negotiated for 60-70% of the amount lost while in court the 100% ”explains Pinto.
If the April 15 ruling were the first in a long series, the bank would be forced to make ever higher provisions to cover the legal risk. An eventuality that could push the new leaders of Popolare di Bari to sit down at a table.
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