On February 12, 2024, Companies filed a lawsuit (Claim) demanding that the defendant Interactive Brokers Central Europe Zrt. (IBCE) (affiliate of global brokerage firm Interactive Brokers Group (Nasdaq: IBKR)) and ex-manager Mr. Šarūnas Stepukonis (Mr. Stepukonis) collectively pay EUR 5,484,735.04 as compensation for damages. On February 12, 2024, Companies filed a lawsuit (Claim) demanding that the defendant Interactive Brokers Central Europe Zrt. (IBCE) (affiliate of global brokerage firm Interactive Brokers Group (Nasdaq: IBKR)) and ex-manager Mr. Šarūnas Stepukonis (Mr. Stepukonis) collectively pay EUR 5,484,735.04 as compensation for damages.
The allegation against IBCE pertains to their inadequate execution of professional responsibilities concerning anti-money laundering measures specified in Directive (EU) 2015/849 and the failure to properly conduct the investor appropriateness assessments as required by the MiFID II Directive (2014/65/EU).
The key unresolved question in this case, not previously decided by Lithuanian courts, is whether financial institutions can be held liable to non-clients (Companies) for improper conduct of professional duties and whether Lithuanian courts have the authority to preside over such cases.
A parallel process was also conducted in Hungary to secure the Claim in light of IBCE’s ongoing cross-border merger. The case is currently pending at first instance.
Partners Agnius Pilipavičius, Vidmantas Drizga, Chief Expert Vytautas Zelianka, Associate Partner Karolina Lapinskaitė, Associates Lukas Radzevičius and Gabija Breiterytė worked on this deal.
