By Jesús Aguado and Emma Pinedo

MADRID (Reuters) – A Madrid court docket has ordered Santander (MC:) to pay Italian banker Andrea Orcel 67.8 million euros ($76.42 million) over a withdrawn supply to make him CEO.

The court docket stated the job supply letter to Orcel was a binding contract and Santander should pay him the compensation.

Information web site Vozpopuli earlier reported Orcel could be entitled to say 68 million euros ($76.70 million).

The court docket stated that Orcel was entitled to obtain compensation for a sign-in bonus, a buyout clause, two years wage and ethical injury however couldn’t give the entire quantity, confirming a Reuters report.

Santander was not instantly out there for a remark, whereas Orcel’s authorized workforce declined to remark.

Orcel sued Spain’s largest financial institution after it withdrew the job supply virtually three years in the past in a dispute over his pay bundle.

The case revolves round whether or not a four-page supply letter to Orcel in September 2018 was a binding contract or a non-binding preliminary supply, as Santander Chairman Ana Botin asserted within the first session of the Madrid court docket listening to in Could.

In January 2019, Santander stated the financial institution couldn’t meet Orcel’s pay calls for, which included overlaying as much as 35 million euros ($41 million) of a 55 million euros compensation bundle he was as a result of obtain in future years from UBS.

($1 = 0.8866 euros)