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One of the largest commercial banks of the SEB Bank, the Estonian investment fund GILD Arbitrage Risk Capital Fund, will have to pay its three clients a loss of 153,100 euros, decided by the court.
The Lithuanian Court of Appeal complains to SEB to leave Vilnius The District Court ordered a decision last year, but the annual amount paid for the execution of the decision rose from 6 to 5%.
According to SEB and its customers, the purchase of a unit of funds could be suspended or denied, The Fund was presented as a risk-limited, profit-oriented fund regardless of the situation on the financial markets, it has been argued that the fluctuation risk in the United States is only 8%, so the customer base is to badume that the investment is safe. according to the court, SEB Bank, under contracts with GILD Arbitrage Risk C The apital fund manages the distributed units of the fund to receive an amount related to the distribution of the unit value and was therefore interested in distributing as much and more than the unit value the fund, but did not inform the client of the conflict of interest.
According to the Court, SEB 's customers were able to discover, without having enough investment and experience in the field of investment, they also had the opportunity to ask, as well as information about the existence of a conflict of interest. The bank is still able to risk it, but it does not, so the court will reduce the amount of damage by 50%
Three clients of SEB Bank have entered the court ᠄ GILD Arbitrage Risk Capital Fund has invested 306,300 Eur in 2007. According to him, the Estonian fund to invest in the bank issued recommendations, did not disclose the risk of investment, and therefore the requirements for the activities of financial intermediaries established in the laws [19659005] At this time, SEB Bank has stated in court that its shares may be suspended or discontinued, there is no specific risk that the financial intermediary has to separately disclose to its clients. The authorization of the JSC "BNS" is prohibited to reproduce the information of the BNS agency on public information tools and websites without the consent of BNS UAB.
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