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50.5 Class action against Alior Bank

Annual Report 2018 > RESULTS 2018 > Supplementary Information and Notes > 50. Disputes > 50.5 Class action against Alior Bank
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On 5 March 2018, a natural person representing a group of 84 natural and legal persons filed a class action against Alior Bank to rule Alior Bank’s liability for a loss caused by the improper performance of Alior Bank’s disclosure obligations to clients and improper performance of agreements to provide services of accepting and forwarding purchase or sale orders of investment certificates of mutual funds managed previously by Fincrea TFI SA and currently by Raiffeisen Bank International AG (Spółka Akcyjna) Branch in Poland. The plaintiffs believe that Alior Bank failed to provide clients with information on the actual risk of investing in investment products, by which it exposed the clients to a loss resulting from the loss of value of investment certificates and loss of guaranteed profits. The PZU Management Board believes that the class action has no justified factual or legal grounds and therefore it should not be resolved favorably to the clients. As at the date of signing the consolidated financial statements, the court with which the class action was filed has not issued a decision on the admissibility of the class action. Additionally, the PZU Group estimates that the risk of this action being resolved unfavorably to Alior Bank and the risk of incurring material loss on this account is at the level below medium; accordingly, as at 31 December 2018, the PZU Group had not recognized any provisions in relation to this action. At the current stage, it is not possible to estimate the possible financial consequences for Alior Bank and the PZU Group if the court hands down a resolution other than the one assumed by the PZU Group.

     

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