Comelli Vacca wins before the Court of Civitavecchia on derivative financial instruments 3 June 2024 – Posted in: News

Gruppo Claudio vince in materia di strumenti finanziari derivati

The Court of Civitavecchia, with judgment No. 205/2024, granted the claims brought by Gruppo Claudio S.r.l., a company operating in the clothing sector that went bankrupt in 2013, which, with the authorisation of the Bankruptcy Section of the Court of Rome, was assisted on this occasion by Augusto Vacca, co-founder of Comelli Vacca Law and Tax Firm, and senior associate Silvia Sulli.

In particular, the Court of Civitavecchia declared the fix floater derivative contract void for lack of concrete cause. Said contract was the result of the renegotiation of a previous interest rate swap, signed by Gruppo Claudio S.r.l. in 2008 with the former Banca Antonveneta S.p.A. for a notional amount of €11,800,000, in order to hedge against the risk of quarterly Euribor rate’s fluctuations in relation to a real estate leasing contract for a total of €15,300,000.00.

The Court therefore sentenced the bank to return to Gruppo Claudio the cash flows charged to the company under the void derivative, including the implicit commissions underlying the transaction.