Finco Treasury Management Ltd announces that in virtue of four decisions which were delivered on Monday 16th December 2019, the Court of Appeal upheld the plea of Bank of Valletta that the Settlement Agreement of the 26th May 2011 in respect of the La Valette Multi Manager Property Fund between the Bank and Fund Investors was not subject to review in terms of Part VII of the Consumer Affairs Act which implements the Unfair Contract Terms Directive of the European Union.
The Court of Appeal did not enter into the merits of the investors’ complaint. It decided on a point of law that the Settlement Agreement was not subject to review in terms of Part VII of the Consumer Affairs Act which implements the Unfair Contract Terms Directive of the European Union.
Therefore the decision of the Arbiter for Financial Services of the 23rd February 2018 which upheld the complaints of circa 400 retail consumer investors and awarded compensation in excess of €3.4 million plus interest has now been overturned.
Finco Treasury Management Ltd and its legal advisers are analysing the decisions.
The remaining five appeals are expected to be delivered on the 10th January 2020.
Click here to see Judgement Details