Investor holds BOV responsible for failed investment with Lehman Brothers

A private investor is holding Bank of Valletta responsible for damages he suffered when he allegedly took their ‘persisted advice’ and invested thousands of euros with collapsed Lehman Brothers.

23 July 2010, 12:00am
by Karl Stagno-Navarra

Michael Santucci, 50, from Sliema, filed a judicial protest where he explained how BOV representatives dissuaded him from investing in government stocks, and convinced him to invest €24,000 in 5.125 per cent Lehman Brothers Perpetual Nominal..

Santucci, stressed that BOV persisted and insisted that he should invest in Lehman Brothers.

According to the Michael Santucci, the investment resulted not to be in his and his wife’s best interest as the Lehman Brothers went bankrupt and he lost his money.