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Banca Carige is one of Italy’s largest banks, headquartered in Genoa with over 500 branches nationwide (www.gruppocarige.it). Since 2012, Banca Carige has experienced serious economic and financial difficulty due to questionable management and three capital increases totalling more than EUR 2 billion.
In 2018, the Board of Directors approved the results of the first nine months of 2018 which demonstrated a significant loss of EUR 188.9 million. As a result, the limit of the third of the share capital was exceeded.
In 2009, CONSOB, the supervisory authority for the Italian financial products and intermediaries, made the decision to suspend share negotiations indefinitely and to freeze the relative loss until the bank could define a plan to exit the situation. In addition, Banca Carige was unable to comply with the ECB’s Overall Capital Requirement (OCR).
Investors who invested in Banca Carige have lost upwards of 82% of their share value in one year and as much as 98% in three years.
Our Proposal
We propose to file a class action lawsuit and individual suits on the investor’s behalf against Banca Carige, which will be held at the Court of Genoa.
The lawsuit is directed at obtaining a repayment of the damages incurred from investment losses in Banca Carige and specific violations sanctioned by CONSOB.
In some cases we work on a success fee basis, claiming our compensation as a percentage of the recovered amount, once the client receives their repayment.