The Central Bank of Uruguay reported that the Supreme Court of Justice has issued a final judgment ending the judicial proceedings it brought in 2004 on behalf of depositors of the former Banco de Montevideo, confirming the amount of damages awarded against the bank’s directors and senior staff. In Judgment No. 60/2025 dated 5 June 2025, the Supreme Court quantified damages at USD 195,495,664 for Juan and Jorge Peirano, USD 199,369,678.78 for Dante Peirano, USD 10,000,000 for Rospide, USD 318,186 for Daniko SA, USD 4,351,319 for Baystand International, USD 2,665,970.52 for Banco Velox, and USD 39,227,000 for VIC as verified through its liquidation, plus interest from the filing of the claim. The court also attributed to the Peirano brothers responsibility for transfers to Trade & Commerce Bank that harmed Banco de Montevideo’s depositors, and referenced their breach of the legal obligation to act as prudent businesspersons. The case was initiated under Article 23 of Law 17.613.
Central Bank of Uruguay 2025-06-16
Central Bank of Uruguay-backed case concludes as Supreme Court of Justice confirms up to USD 199.4 million damages against former Banco de Montevideo management
The Central Bank of Uruguay announced that the Supreme Court of Justice concluded proceedings against former Banco de Montevideo directors, awarding damages totaling over USD 451 million. The court held the Peirano brothers and others liable for breaches, including imprudent transfers to Trade & Commerce Bank, under Article 23 of Law 17.613.