Banca Popolare di Bari will compensate a customer for failure to sell Corriere.it shares

The Court of Bari, for the first time, has sentenced Banca Popolare di Bari to compensate a customer for the non-sale of shares. The compensation that the latter received for the damage has a value of approximately 50 thousand euros. The judicial authorities established that the sales order placed by the customer would be overridden to favor subsequent more “substantial” orders, therefore the bank was required to pay compensation.

The story

The customer had issued the sales order in 2015 and then renewed it in 2016. Banca Popolare di Bari did not execute due to the absence of corresponding orders to purchase the securities. The justification given to him hadn’t convinced him, so the client turned to the Consumer Lawyers Association. With a sentencethe Court settled the matter by requiring the Bank to provide a copy of the chronological register of the sale of the shares, so that it was possible to verify any violations to the detriment of which customers.

The missed opportunity

Numerous criticalities have been identified in the execution of substantial orders subsequent to the one presented by the customer, which were confirmed during the judgment of a Technical Consultancy (Ctu). A class action was subsequently initiateda in favor of numerous shareholders for compensation for the damage caused by the failure to collect the sale price or, as determined by the Tribunal, by the loss of an opportunity. This, specifically, was the first to have a positive outcome for the customer. With its decision, the Court therefore ascertained the presence of damage from the loss of a useful result, a gain, which, in all probability, if the Bank had complied, the customer would have achieved.