UGGC & Associés defend the director of SPAD 24 in a banking litigation

By way of a court order dated 29 April 2004, Versailles Court of Appeal sentenced Worms bank as de facto manager through an intermediary to pay EUR 44 million financial penalties to cover SPAD 24 deficiency of assets. Nanterre Commercial Court judges considered, and this was confirmed by Versailles Court of Appeal judges, that Worms bank was de facto manager through intermediaries, even though its two salaried executives sitting on the board of directors of SPAD 24 were shareholders on their own account and were not legal representatives of Worms bank on the board of directors.