Vilnius Regional Court has delivered a judgment in favour of 26 claimants against Snoras Bank and the third party, the state enterprise Deposit and Investment Insurance. The court annulled the signed bond agreements and deposit certificate acquisition agreements.
© DELFI / Šarūnas Mažeika

The court fully satisfied the claims of all applicants: the aforementioned agreements were deemed invalid, it was concluded that insurance had to apply to the money paid by the claimants from their personal accounts as stipulated by the Law on Insurance of Deposits and Liabilities to Investors. This means that after the ruling takes force, the state enterprise Deposit and Investment Insurance will have to pay the applicants deposit insurance payouts for the funds kept at Snoras Bank. The total amount of the claim is approximately LTL 800,000 (EUR 232,000).

Around half of the claimants issued proceedings regarding agreements certificates, while the other half regarding bond agreements. The court ruled that the bank failed to properly inform customers, did not reveal the associated risks and did not inform that these agreements were subject to the same safeguards as deposits. It was concluded that the claimants could have been misled by the standard phrasing about insurance of the bank's liabilities by deposit insurance. Therefore, the court ruled that the defendants erred by offering such products and this was fundamental and provided grounds to deem the agreements invalid.

It is forbidden to copy the text of this publication without a written permission from ELTA.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Baltic States seek a single regional assessment

Ministers of finance of Lithuania, Latvia and Estonia, the European Commission and NASDAQ appealed...

LMT presents three digital service innovations at Baltic Mobile Congress

LMT (Latvian Mobile Telephone) is the telecommunications market leader in Latvia and a digital service...

CERN is considering the possibility of establishing business incubation centre

Last week, CERN delegation paid a visit to Kaunas University of Technology (KTU) Santaka Valley. The...

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...