Santander said it would fight a 100 million euro ($112 million) lawsuit being br...
) said it would fight a 100 million euro lawsuit being brought by Italian banker Andrea Orcel after it withdrew an offer to make him its chief executive earlier this year.
Former UBS banker Orcel has filed a lawsuit in Madrid with the help of law firm De Carlos Remon, claiming breach of contract. The package which was mentioned in the letter consisted of 35 million euros of Santander’s shares and a 17 million euro bonus and would only be paid if Orcel failed to recoup all or part of his deferred pay from UBS, the source said.
“The bank has acted with total transparency and will present and defend its position before the courts,” Renovales said. While its balance sheet and share price are unlikely to be affected by a lengthy and draining lawsuit, the bank might feel uncomfortable at the level of public attention.
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