Summary
Jurisdiction is assessed on the grounds of the plaintiff’s pleas as set out in its claim, and namely with respect to the cause of action, i.e., the legally protected subjective situation in question as identified with regard to the facts alleged and the legal relationship which they represent.
Italian courts have jurisdiction under Articles 2 and 6(1) of Regulation (EC) No 44/2001 and under the corresponding provisions of the Lugano Convention of 30 October 2007 over an action brought by a group of professional investors aimed at assessing the non-contractual liability of banks having their seat in Italy, England, Germany and Switzerland, allegedly liable of having financed an industrial group on the verge of insolvency at the sole purpose of making a profit while transferring the financial risk of the financial operations on investors and savers, and as such taking advantage of them, aiming at compensation for the loss of value of the shares and bonds issued by members of the group (a situation which is comparable to prospectus liability), because the one brought against the defendants is indisputably one single action and it may be ruled out that the connection of claims is not fictitious because it is self-evident from the statement of claim that each defendant may not maintain to be extraneous and unrelated to the claim.
Italian courts also have jurisdiction over the same claim under Article 5(3) of Regulation (EC) No 44/2001 and the corresponding provision of the 2007 Lugano Convention because the alleged tort, in its genesis, has stemmed in Italy; the industrial group was Italian; the extraordinary administration proceedings of the companies of the group, further to their insolvency, were opened in Italy; a criminal proceeding was brought as to the liability of the corporate offices for the group’s insolvency; and an evidentiary and factual link exists between the cause of action and the factual allegations.