A 77-year-old widow yesterday filed a judicial protest against Bank of Valletta and the Malta Financial Services Authority, claiming that she had lost a substantial investment through their negligence.

Eufrasia Galea, a housewife with a basic level of education, said she had decided to invest €55,000 in 2007 after selling a property she had purchased together with her late husband.

She turned up at the bank’s Paola branch with the money and had wanted to place it in a savings or fixed term account but was advised by staff that she had better invest it in funds.

Ms Galea claimed that she was aggressively sold the investment in the Valletta Multi Manager Income Fund and, through the negligence of both the bank and the MFSA, had lost 33.5 per cent of her capital.

She complained that the bank had failed to explain to her the risks and characteristics of the fund.

She said that the MFSA had investigated the case, “buried its head in the sand” and went against natural justice by summarily dismissing her complaint.

Ms Galea held the bank responsible for any damages and demanded compensation.