Judgment of the General Court (Fourth Chamber) of 7 October 2015

Alessandro Accorinti and Others v European Central Bank

Non-contractual liability — Economic and monetary policy — ECB — National central banks — Restructuring of Greek public debt — Bond buy-back scheme — Bond exchange agreement for the sole benefit of the Eurosystem central banks — Involvement of the private sector — Collective action clauses — Credit enhancement in the form of a purchasing programme designed to support the quality of the bonds as collateral — Private creditors — Sufficiently serious breach of a rule of law conferring rights on individuals — Legitimate expectations — Equal treatment — Liability in respect of a lawful legislative act — Unusual and special damage

Case T-79/13


Top of the page Documents in the Case
Document Date Name of the parties Subject-matter Curia EUR-Lex Autres Liens
Judgment (OJ)
13/11/2015 Accorinti and Others v ECB
Judgment
ECLI:EU:T:2015:756
07/10/2015 Accorinti and Others v ECB
Judgment (Summary)
ECLI:EU:T:2015:756
07/10/2015 Accorinti and Others v ECB
Order
ECLI:EU:T:2014:111
14/02/2014 Accorinti and Others v ECB
Order
ECLI:EU:T:2013:690
13/12/2013 Accorinti and Others v ECB
Application (OJ)
15/03/2013 Accorinti and Others v ECB
Top of the page Legal analysis of the decision or of the case

Reports of Cases

published in the electronic Reports of Cases (Court Reports - general)

Subject-matter

An action for damages to compensate for the damage alleged to have been suffered by the applicants as a result of the adoption of Decision ECB/2012/3 of the European Central Bank of 5 March 2012 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic in the context of the Hellenic Republic’s debt exchange offer (OJ 2012 L 77, p. 19) and of other decisions of the European Central Bank taken in the context of the restructuring of Greek debt.

Systematic classification scheme

1.
3 Legal proceedings
  3.08 Procedural rules
    3.08.04 Subject-matter, form of order sought and pleas in law
      3.08.04.01 Formal requirements
3 Legal proceedings
  3.05 Actions for damages
    3.05.01 Action based on the non-contractual liability of the European Union
      3.05.01.01 Independent nature of the action for damages
3 Legal proceedings
  3.05 Actions for damages
    3.05.02 Rules governing the non-contractual liability of the European Union
      3.05.02.00 General
2 Institutional framework of the European Union
  2.01 Institutions
    2.01.06 European Central Bank
3 Legal proceedings
  3.05 Actions for damages
    3.05.02 Rules governing the non-contractual liability of the European Union
      3.05.02.01 Basis of liability
1 The legal order of the European Union
  1.01 Sources of EU law
    1.01.02 General principles of law
      1.01.02.03 Principle of the protection of legitimate expectations
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy
1 The legal order of the European Union
  1.01 Sources of EU law
    1.01.02 General principles of law
      1.01.02.03 Principle of the protection of legitimate expectations
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy
1 The legal order of the European Union
  1.01 Sources of EU law
    1.01.02 General principles of law
      1.01.02.01 Principle of equality and non-discrimination
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy
1 The legal order of the European Union
  1.01 Sources of EU law
    1.01.02 General principles of law
      1.01.02.01 Principle of equality and non-discrimination
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy
1 The legal order of the European Union
  1.01 Sources of EU law
    1.01.02 General principles of law
      1.01.02.00 General
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy
3 Legal proceedings
  3.02 Actions for annulment
    3.02.04 Pleas in law
      3.02.04.03 Misuse of powers
3 Legal proceedings
  3.05 Actions for damages
    3.05.02 Rules governing the non-contractual liability of the European Union
      3.05.02.01 Basis of liability
4 Internal policy of the European Union
  4.12 Economic and monetary policy
    4.12.02 Monetary policy


Citations of case-law or legislation

References in grounds of judgment

Operative part

Information not available

Opinion

Information not available


Dates

Date of the lodging of the application initiating proceedings

  • 11/02/2013

Date of the Opinion

Information not available

Date of the hearing

Information not available

Date of delivery

07/10/2015


References

Publication in the Official Journal

Judgment: OJ C 398 from 30.11.2015, p.33

Application: OJ C 101 from 06.04.2013, p.26

Name of the parties

Accorinti and Others v ECB

Notes on Academic Writings

  1. Koufaki, Ioanna: Mi themeliosi efthinis tis Enosis gia tin meiosi tis axias ton ellinikon chreografon, Nomiko Vima 2015 p.1867 (EL)
  2. Takis, Athanasios: Armenopoulos 2015 p.2000-2001 (EL)
  3. Simon, Denys: Politique économique et monétaire, Europe 2015 Décembre Comm. nº 12 p.22-23 (FR)
  4. Prevedourou, Tzeni: I zimia ton idioton katochon ellinikon chreografon sto plaisio tis anadiarthrosis tou dimosiou chreous den katalogizetai stin EKT, Dikaiomata tou Anthropou 2016 p.435-450 (EL)
  5. Skiada, Georgia: The Greek Debt Restructuring Program and Buy-back Schemes of 2012 under Judicial Review by the Supreme Administrative Court (Judgments 1116/2014 and 1117/2014) and the General Court of the European Union (Case T-79/13, Alessandro Accorinti and Others v. ECB), European Politeia 2016 n° 1 p.255-264 (EN)
  6. Restelli, Enrico Rino: La "responsabilità" della BCE nella ristrutturazione del debito greco. Dall'illecito aquiliano all'arricchimento senza causa, Banca, borsa e titoli di credito 2017 2 p.153-166 (IT)
  7. Gazin, Fabienne: Responsabilité extracontractuelle, Europe 2018 avril nº 4 p. 21-22 (FR)



Procedural Analysis Information

Source of the question referred for a preliminary ruling

Information not available

Subject-matter

  • Economic and monetary policy
  • - European Central Bank (ECB)

Provisions of national law referred to

Information not available

Provisions of international law referred to

Information not available

Procedure and result

  • Action for damages : dismissal on substantive grounds

Formation of the Court

Information not available

Judge-Rapporteur

Kreuschitz

Advocate General

Information not available

Language(s) of the Case

  • Italian

Language(s) of the Opinion

    Information not available