The Madrid Court of Appeal reduced the compensation paid by Santander to Orcel to 43.4 million.
The Provincial Court of Madrid lowered the compensation that Banco Santander must pay the banker Andrea Orcel 43.4 million, partially upholding the bank’s appeal against the first judgment.
More specifically, the last judgment reduces the compensation for non-pecuniary damage to 2 million euros, against 10 million euros previously, and recognizes that the bank has indeed signed the banker..
Thus, the judgment indicates that “Banco Santander was obliged to maintain the validity of the contract until the deadline for the start of the committed activity has expired. Whether it was necessary to conclude a new contract from March 31, 2019 with further details of the contractual relationship is not expressly stated”.
Furthermore, “at the time this offer was made and accepted by Mr. Orcel, both parties were fully aware of the imposed policy imposed by UBS in the light of two fundamental factors”.