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RECENT AND PAST MOST SIGNIFICANT ENGAGMENTS

Corporate actions against Directors, Officers and the Auditing Firm of an Insurance Company

The Firm has been entrusted by the winding up procedure of an Italian insurance Company, to bring the actions against former Directors, Officers, Statutory Auditors and external Auditors for the recovery of damages, worth around 60 million Euro, resulting from a massive fraud committed by the major shareholder. The action against the Auditing Firm, which a first instance Court found liable for damages, awarding 48 million Euro, has been settled before the Court of Appeal on the basis of the payment of 19 million Euro. The actions against all the Directors and Officers were settled with the exception of two of them. The remaining two directors and officers have also been recently found liable by a first instance Court.

 

Advice on the liability of the insurers of an Auditing Firm involved in the Parmalat crack.

The Insurers of one of the Auditing Firms involved in the “Parmalat” crack has engaged the Firm seeking advice in order to assess whether the Professional Indemnity given with their policy was to be deemed operative.

 

Expert witness on Italian Aviation and tort Law in a Class action in USA.

Avv.Prof. Galantini has been engaged as expert witness on the various and complex issues arising in a class action started in the USA by the survivors of the victim of a Linate Air crash disaster, where 118 passengers and crew lost their lives. The case is still pending in appeal on the issue of forum non convenient affirmed by the first instance judge for all the plaintiffs except for the parents and estate of the sole American victim.

 

Settlement of a large claim arising from a loss to a furnace in Belgium.

The Firm, on behalf of a U.K. Insurance Company, has recently successfully settled a claim worth around 30 million Euro arising from the spilling of molten iron out of a furnace in Belgium. The main issue of the litigation concerned the existence and the binding effect of an exclusion clause contained in the policy wording which had been modified during the renewal of the insurance contract through the broker.

 

Marine claim under a War risk trading warranty.

The Firm was engaged by a ship owner to recover, from the Insurers, the damages for the loss of its vessel which sunk in the Croatian sea, due to an act of war, at the beginning of the Serbian-Slovenian conflict. The issue of the litigation was the operativeness of a war risk marine policy which contained a ‘held covered’ clause, subject to the payment of an additional premium, which had not been paid before the event of the loss because the insurers were waiting for the quotation from the London Market. An other issue was whether the bare boat charterer had an insurable interest in the indemnity for the loss of the ship. The case was lost in first instance, and then won in appeal and before the Supreme Court.

 

Appeal before the Administrative Tribunal against an order to freeze the credits of an Italian insurance company.

On behalf of an Italian insurance Company the Firm, together with other two administrative law experts based in Rome, has filed an appeal, before the Administrative Tribunal of Lazio, against an order of the government to “freeze” all the credits of the said Company towards the Italian State due to the refusal to pay several guarantees, worth around 40 million Euro. These guarantees were for the restitution of public grants for the development of industrial ventures in the South of Italy. The pending litigations concerning the refusal to pay the said guarantees are also entrusted to the Firm and based on the alleged fraudulent application for the public subsidies to entrepreneurs in the South of Italy.

 

Rules governing the distribution of Unit-linked insurance policies in Italy.

The Firm has been entrusted with the defence of a Life Insurance Company in several lawsuits concerning the alleged breach, by intermediaries, of the rules governing the distribution of unit-linked policies. According to the plaintiffs, the offer of unit-linked policies should be subject to the provisions stated by the Financial Market Regulator, whereas the Company objects on the grounds that the Insurance Market Regulator’s rules should be applied.

 

Consultancy on the implementation of compliance programs to prevent corporate crimes under Legislative Decree n.231/01.

The Firm has been engaged to give legal advise to an Insurance Group based in Italy, but controlled by a wider German Conglomerate, on the drafting of a risk map, followed by the definition and the implementation of a compliance program aimed at preventing the committing of the corporate crimes provided for under Italian Legislative Decree n.231/2001.

 

Complaint to the E.U. Commission regarding the transposition of the IMD (Insurance Mediation Directive).

An Italian association of Brokers has asked the Firm to study, together with professor Marco Frigessi of Brescia University, the feasibility of filing a complaint against the Italian State to the E.U. Commission for breach of compliance with the rules of the Insurance Mediation Directive in the transposition of the provisions thereof into the Italian Legislative System.

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