On August 6, 2018, UniCredit SpA (UniCredit) announced that it had “filed a complaint against Caius Capital and the Caius funds in the Court of Milan seeking compensation of damages in the amount of approximately 90 million euro stemming from Caius Capital’s and the funds’ actions against the bank over the course of the last months with respect to the CASHES.”
On December 18, 2018, UniCredit and Caius Capital LLP (Caius) jointly announced that they have fully and finally settled their dispute in relation to the CASHES, and accordingly that UniCredit’s complaint against Caius and the funds it manages has been withdrawn.
The joint announcement states that on July 20, 2018, the European Banking Authority (EBA) declined Caius’ request to open a Breach of Union Law enquiry into the regulatory treatment of the CASHES transaction. In addition, Caius acknowledges UniCredit’s position that it has at all times acted properly in relation to the classification of its capital securities based on the approvals and guidance provided to UniCredit by its competent authorities. It states that it intends to take no further public, legal, or regulatory action in respect of UniCredit or its securities and that it further undertakes to refrain generally from further discussion or public statements in relation to UniCredit or its securities. Without any admission of liability or wrongdoing, Caius also confirms that it has made a lump sum payment to UniCredit.
For further information, please see the joint press statement here.