Bank of Valletta plc - Falcon Fund SICAV Case

On 2 September 2020, Bank of Valletta plc announced that it settled a claim of an alleged amount of over €71 million by the Swedish Pension Agency (the sole investor in the Falcon Fund SICAV) for €26.5 million. The bank added that the settlement arrangements of €26.5 million will not result in it incurring a loss in excess of what it has already been provided for. In fact, BOV noted that in due course it will also recognise some release back to its income statement. As a result of this latest development, the bank’s total provisions for all contingent liabilities will also be reduced significantly once the transaction is completed.