PSE mulls move after SC rules for Litonjuas

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THE Philippine Stock Exchange (PSE) said on Wednesday it was studying a Supreme Court ruling ordering it to refund two stockbrokers over for the bourse’s failure to lift a trading suspension on a company.

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The SC decision dated December 5, 2016 ordered the PSE to pay stockbrokers Antonio Litonjua and Aurelio Litonjua, Jr. the amount of P19 million, plus legal interest of 12 percent yearly from 2006 to 2013 and 6 percent yearly from 2013 until full satisfaction.

The bourse was also ordered to pay P1 million in exemplary damages aside from shouldering the litigation costs, which include P100,000 in attorney’s fees.

The PSE said on Wednesday it only learned about the decision through a posting on the SC’s website and had yet to receive a copy of the document.

The amount of P19 million represents the payment made by the Litonjuas to the PSE to settle Trendline’s obligations with the bourse, with the understanding that the PSE would lift the trading suspension of Trendline, which the PSE did not.

The PSE said that it would “study the decision and file its motion for reconsideration at the proper time.”

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