A family that took legal action against the Bank of Cyprus was vindicated by the Larnaca District Court.

According to the case, the Bank abused the trust of the three-member family.

In essence, it concerns the handling of the “lump sum” of the father of the family, who worked for 40 years in the refineries, and which, while according to the contract that had been signed, should have been deposited in a promissory note, was in fact deposited in a securities account. 

According to the Court, the Bank violated the Investment Services Legislation of 2007, which is an adoption of the European directive and which clearly defines the duties of banks in cases of providing investment advice. 

This decision is the first of its kind issued against this particular bank, including, in fact, relevant decisions of the Supreme European Court.

As reported by legal circles, this is a landmark decision for Cypriot data and is expected to serve as a guide for the adjudication of future cases, as it is fully and thoroughly substantiated. 

It is noted that the Court awarded an amount of €157,336 plus legal interest of 5.5% from the date of registration of the lawsuit.

The plaintiffs were represented by Demetriou & Demetriou LLC.