London's High Court on Friday
dismissed a legal challenge brought by Luca Cordero di
Montezemolo and his son Matteo who had requested 50 million
euros in compensation from wealth manager Daniele Migani,
founder of the Xy Group, among others, for allegedly deceiving
them into making risky investments.
The former president of Ferrari and his son had claimed they had
been "victims of a fraud".
The case was first reported a year ago and in November last year
Italian authorities had seized 18 million euros from Misiani as
part of an investigation in Milan over another alleged fraud
case against VIPs.
A court had later annulled the seizure.
The lawsuit was filed by the Montezemolos in December 2020 after
the father and son had sustained heavy financial losses amid
market turmoil due to the Covid pandemic.
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