London Court orders Cordero di Montezemolo family to pay 12 million euros

The London Court of Appeal has upheld a lower court's decision regarding a long-standing civil dispute between Daniele Migani, CEO of the XY Group, and the Cordero di Montezemolo family.

Luca Cordero di Montezemolo, his son Matteo, and G. I. Globinvestment Ltd have been ordered to pay 12 million euros in damages to Migani and other named parties, in addition to legal costs. The original dispute involved a claim for approximately 50 million euros related to investment losses sustained during the market volatility caused by the 2020 pandemic.

The court unanimously rejected the appeal, ruling that the investors possessed the necessary information to understand the role of the broker and the nature of the relationship with the Skew Base fund. The judges noted that Migani’s involvement in the fund was a factor positively considered by the investors.