Hundreds of lawsuits have been filed against banks by securities holders, claiming they were duped into investing in high risk securities according to Leontios Hatzivasilis, a member of the securities holders association.

Hatzivasilis was speaking on the occasion of a civil suit filed in Paphos District Court against the Popular Bank, its former CEO Andreas Vgenopoulos, former CB Governor Athanasios Orphanides and other Popular Bank officials, by a securities holder based in Polis Chrysochous who lost 108.000 Euros to high-interest securities.

“With these lawsuits we request that some people will be punished for the disruption, the pain and the losses they caused so that the sense of justice is restored” Hatzivasilis said, indicating that approximately 60.000 securities holders and their families were affected by this issue.

He also stressed that the findings of the investigation conducted by the CB, show “in the most official and clear manner” a series of violations about the way the securities were promoted.