De Carlos Remón secures €68m compensation for Orcel against Santander

De Carlos Remón has successfully represented Italian banker Andrea Orcel in his lawsuit against Santander, securing €67.8 million compensation

A Madrid court has ruled in favour of Italian banker Andrea Orcel (pictured) after the Spanish entity reversed a decision to make him chief executive officer.

According to the ruling, Banco Santander will have to pay Orcel 67.8 million over an offer to make him CEO, which the Spanish bank withdrew, in an employment dispute that has shaken the financing world.
Orcel and Botin ended up in court after Spain’s largest bank dropped its plans to make the former UBS (UBSG.S) investment banker its CEO as a result of a disagreement over his pay. Orcel had already left UBS to prepare for the new role.

The ruling states that Santander’s job offer letter to Orcel was a binding contract and makes Santander compensate him.

Uría Menéndez Litigation partner José Miguel Fatás acted for Santander, and according to market sources, the bank will appeal the ruling.

De Carlos Remón represented Orcel with a team led by Álvaro Remón, who has a strong track record in the negotiation of settlements and defence of clients in legal and arbitration procedures.

Desire Vidal