Information manipulation: the Supreme Court upholds the appeal of Carbonetti and Associates


The Court of Cassazione upholds Carbonetti e Associati’s appeal: with a team composed of partners Prof. Francesco Carbonetti and Rocco Santarelli and associate Michele Mura, the law firm assisted the former chairman of a company with listed shares in the Supreme Court case against the Rome Court of Appeals’ ruling that had upheld an administrative sanction imposed by Consob for information manipulation.

According to the Supreme Court – which set aside the appealed judgment on remand – the Court of Appeals had erred in recognizing the nature of a permanent tort of informational manipulation. With the consequent running of the statute of limitations from the moment of restoration of informational correctness.

In particular, the Supreme Court, establishing an important principle, recognized that information manipulation, carried out through the mere dissemination of false news, is an instantaneous tort and is consummated with the dissemination of the news, which, therefore, constitutes the day on which the statute of limitations of the tort runs.

The law firm also thanks Lawyer Federico Raffaele, now Head of Legal Finance and M&A at TIM and previously a senior associate at the firm, for his contribution in drafting the appeal.

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