Algebris (UK) and Anchorage Capital Group v CRU (Action for annulment - Economic and monetary policy - Order) [2019] EUECJ T-2/19_CO (10 October 2019)

Algebris (UK) and Anchorage Capital Group v CRU (Action for annulment - Economic and monetary policy - Order) [2019] EUECJ T-2/19_CO (10 October 2019)

The SRB's decision not to proceed with an ex post definitive valuation of Banco Popular does not produce legal effects capable of affecting the applicants' legal situation, as compensation under Article 20(12) Regulation No 806/2014 is not available in cases resolved by the sale of business tool. Therefore, the applicants are not directly concerned and lack standing under Article 263 TFEU. The action is inadmissible.

Citation
[2019] EUECJ T-2/19_CO
Parties
Applicant: Algebris (UK) Ltd; Applicant: Anchorage Capital Group LLC; Defendant: Single Resolution Board (SRB)
Jurisdiction
European Union
Judgment Date
10 October 2019
Procedural Posture
Action for Annulment / Order on Admissibility
Outcome
Action dismissed as inadmissible.
Legal Topics
Single Resolution Mechanism, Resolution of Credit Institutions, Valuation of Assets, Standing to Bring Proceedings, Compensation for Shareholders and Creditors
European Union Law Economic and Monetary Policy Banking and Finance Single Resolution Mechanism Resolution of Credit Institutions Valuation of Assets Standing to Bring Proceedings Compensation for Shareholders and Creditors

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Parties

Algebris (UK) Ltd

Applicant

Anchorage Capital Group LLC

Applicant

Single Resolution Board (SRB)

Defendant

Procedural Posture

Action for Annulment / Order on Admissibility

Legal Issues

  1. 1 Whether the SRB's decision not to proceed with an ex post definitive valuation of Banco Popular is of direct concern to the applicants and produces legal effects affecting their legal situation
  2. 2 Whether the applicants have standing under Article 263 TFEU to challenge the SRB's decision

Ratio Decidendi

The SRB's decision not to proceed with an ex post definitive valuation of Banco Popular does not produce legal effects capable of affecting the applicants' legal situation, as compensation under Article 20(12) Regulation No 806/2014 is not available in cases resolved by the sale of business tool. Therefore, the applicants are not directly concerned and lack standing under Article 263 TFEU. The action is inadmissible.

Court Disposition

Action dismissed as inadmissible.

Orders

  • The action is dismissed as being inadmissible.
  • Algebris (UK) Ltd and Anchorage Capital Group LLC shall pay the costs.