Court overturns Alexandria’s one-million-euro penalty

Alexandria will not have to pay a one-million-euro penalty imposed by Finland’s Financial Supervisory Authority, Yle reports.

The Helsinki Administrative Court overturned the authority’s decision on Monday and cancelled the penalty in full. It also ordered the authority to pay 30,000 euros towards Alexandria’s legal costs. The ruling is not yet final.

The authority imposed the penalty in June last year, saying Alexandria had failed to obtain all legally required information about its clients before making investment recommendations.