Filip & Company has successfully represented Romania’s Financial Supervisory Authority in a major dispute against a former top board member of the National Securities Commission

We are happy to announce that Filip & Company has successfully represented Romania’s Financial Supervisory Authority in a major dispute against a former top board member of the National Securities Commission (CNVM), in a complex lawsuit involving both labour and administrative issues, worth over RON 1 million.

After five years of litigation, the Bucharest Court of Appeal issued a final judgement dismissing the former board member’s claim for severance payments and outstanding salary rights. By this decision, the Court of Appeal sets an important precedent concerning the (un)lawfulness of the internal rules concerning the award of severance packages, which had been issued by the plaintiffs themselves, as board members.

The Filip & Company team consisted of Senior Associate Cristina Tudoran who regularly advises clients on the full range of employment and administrative related projects (both pre-litigious and court disputes) and Associate Carmen Calabache. The project was coordinated by Partner Catalin Alexandru. Our team is also representing the Financial Supervisory Authority in other similar lawsuits initiated by top management members of the institutions taken over by the Romanian Financial Supervisory Authority upon its formation in 2013.

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