Banking and Finance
An account holder of a bank decided to purchase high-risk shares making use of the call center assigned to this task by such banking institution. The operator however confused the total monetary amount that was stated by the customer with the amount of shares to be purchased even though the customer had stated that he wanted to purchase shares for a specific total amount of money. A much higher number of shares that the total amount of money stated by the client of the bank were therefore purchased. The bank also prevented the account holder to immediately resell the shares purchased in excess, thus bring about severe financial damages as shares lost value.
Having been entrusted to sue the Bank for damages, our Firm also established that our customer had not been advised – as required by law – about the high risk profile of the purchase nor about the inadequacy of the operation compared to his customer classification ( “retail customer”) and risk tolerance (“average”) when such data had been reported in the form provided by the Bank which had been undersigned by the customer.