April 2021

ArbLit, with the Litigation team led by Marco Torsello, obtained an important decision from the Court of Appeal of Milan (presided by H.J. Dr. Carla Romana Raineri), which reversed the decision of the court of first instance, and affirmed the jurisdiction of Italian courts in a multi-million claim brought by Italian investors against the Irish branch of a major U.S. bank. The bank had acted as Administrator of a foreign investment fund; the claimants argued that the bank’s misleading certification of the fund’s Net Asset Value induced them to invest approximately € 25 million, which were then entirely lost. The Court of Appeal of Milan affirmed the jurisdiction of Italian courts under Regulation (EU) No. 1215/2012, as recently interpreted by the Court of Justice of the European Union in the Löber case. In particular, the Court upheld the position of the investors, represented by ArbLit, who had stressed the fact that the “information flow” produced by the bank was knowingly addressed towards Italy, to the effect that the harmful event (consisting of the relevant financial investment, which was subsequently lost in full) could be located in Italy.