The Association for the Protection of Individual Investors confirmed that the decision of the Appeal Committee in Securities Disputes came as a natural result of the legislative development in the financial market after the approval of the class action lawsuit as an important tool in facilitating litigation procedures in which a large group of people all participate in the same legal issues and alleged facts.
The General Secretariat of the Committees for Resolution of Securities Disputes announced the issuance of the decision of the Appeal Committee for Resolution of Securities Disputes to support the decision of the Committee for Resolution of Securities Disputes to oblige some members of the Board of Directors and employees of Weqaya Insurance and Takaful Reinsurance Company, in the class action lawsuit filed against them by an investor, to pay 19.5 million. Riyals for 318 plaintiffs.
Okaz (Jeddah)
