September 13, 2012 / 5:11 AM / 7 years ago

Italy's Fondiaria-SAI may take legal action against past management

MILAN, Sept 13 (Reuters) - Italian insurer Fondiaria-SAI said late on Wednesday that insurance regulator ISVAP appointed a commissioner to examine actions of past management for possible violations of corporate bylaws governing conflicts of interest.

Isvap named Matteo Caratozzolo (the former chairman of the national association of tax lawyers) “to undertake or have others undertake actions including legal action” against the insurer’s former owners and its management.

Caratozzolo’s mandate ends on January 31, and his powers regarding legal action supersede those of the insurer’s board of directors.

Reporting by Jennifer Clark

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