The financial services arbiter has upheld 55 complaints against Bank of Valletta by individuals who lost their investments in the La Valette multi-manager property fund, Malta Today has reported.

The arbiter has ordered BOV to pay them their last savings, plus 8% interest.

It was reported that the arbiter found a clear case of ‘misselling’ when BOV sold a professional investment fund to retail clients.

The bank can appeal the arbiter’s decision.

In February of this year, the same arbiter had ordered BOV to refund €3.4million (plus 8% interest) to around 500 investors who had lost their investment. The bank had appealed.

The Malta Financial Services Authority fined BOV six times between 2011 and 2012 for misselling the fund to inexperienced investors and for breaching its own investment restrictions.