GENERAL MEETING DRAFT - Bankier.pl

Defendants include – inter alia – the following:
� Vanderbilt Capital Advisors, LLC (VCA), a wholly-owned indirect subsidiary of Pioneer
Investment Management USA Inc. (PIM US);
� Vanderbilt Financial, LLC (VF), a special purpose vehicle in which PIM US has an 8% holding;
� Pioneer Investment Management USA Inc. (PIM US), a wholly-owned subsidiary of PGAM;
� PGAM., a wholly-owned subsidiary of UniCredit S.p.A.;
� UniCredit S.p.A.;
� various directors of VCA, VF and PIM US;
� law firms, external auditors, investment banks and State of New Mexico officials.
At present, an assessment on the economic impact that may result from the proceedings is premature and
thus no provisions have been made.
The defendants have requested that the plaintiff’s claim be denied. The Court has not yet set a date for a
hearing on said request.
The petition was served to the American companies, including Vanderbilt Capital Advisors and Pioneer
Investment Management USA Inc. (both part of UniCredit Group). Also the natural persons who are called
as defendants have been served the petition.
On September 24, 2009 UniCredit S.p.A. and on December 17,2009 PGAM were served the petition.
Divania S.r.l.
In the first half of 2007, Divania S.r.l. filed a suit against UniCredit Banca d’Impresa S.p.A. (now UniCredit
Corporate Banking S.p.A.) contesting the violations of the law and regulations (relevant, amongst other
things, to financial products) with reference to the operations in rate and currency derivative transactions
created between January 2000 and May 2005 by Credito Italiano S.p.A. initially, and subsequently by
UniCredit Banca d’Impresa S.p.A. (now UniCredit Corporate Banking S.p.A.), for a total of 206 contracts.
The petition, which requests that the contracts be declared inexistent, or failing that, null and void or to be
cancelled or terminated and that UniCredit Banca d’Impresa S.p.A. (now UniCredit Corporate Banking
S.p.A.) be found liable to pay a total of �276.6 million as well as legal fees and interest, was served on
March 26, 2007 in the Court of Bari as part of the new corporate procedure. An expert witness report was
requested in the fall of 2008. Recently the experts requested an extension of 120 days for submitting the
report that was due at the beginning of March 2010 and it’s quite likely they will request a further delay.
UniCredit Corporate Banking S.p.A. considers the claimed amount to be disproportionate to the actual
litigation risk, as the amount claimed was calculated by adding all debit entries made (for an amount
much larger than the actual), without including the credits that drastically reduce the claimant’s demands.
Furthermore, a settlement had been reached, and signed on June 8, 2005, for the contested transactions,
under which Divania S.r.l. stated that it would no longer make any claim, for any reason, for the
transactions now being disputed. The petition calls into question the validity of the transaction, arguing
that the settlement is null and void given the alleged illegitimacy of the transactions in question. UniCredit
Corporate Banking S.p.A. believes that the maximum amount at risk is approximately �4 million,
equivalent to the sum that was debited to the plaintiff’s account at the time of the transaction. For this
reason, a provision has been made for an amount consistent with the lawsuit risk.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
458