On 15 June 2023, the Italian Supreme Court issued its judgement in case No. 17151 ruling that, in case of fiduciary custody (intestazione fiduciaria) of a quotaholding, even if implemented by means of a "chain" of several transfers to different intermediaries (natural persons or legal entities), the breach of the pactum fiduciaeby the last trustee – which, in the case, refuse to transfer the quotaholding back to the trustor – entails the obligation of intermediaries to compensate the damage thus caused to the trustor whose re-transfer right has been infringed. The failure to sue the last non-performing trustee does not preclude the conviction of the participants in the tort since the creditor has the right to sue only one or some of the liable co-debtors (litisconsorzio facoltativo).
Originally published by August - September, 2023
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