Andrea Orcel’s legal victory against Banco Santander over his aborted appointment as chief executive three years ago may be less important to the Italian banker than to Santander executive chairman Ana Botín.
After a long-running legal battle, a court has ordered Santander to pay Orcel €67.8 million. It said the bank had unilaterally broken what it deemed a binding contract. The payment therefore covers payments due under that contract, plus interest, as well as €10 million in damages.
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