Judgment of the General Court of 22 November 2023 – ACMO and Others v SRB

(Case T-330/20) ¹

(Economic and monetary union – Banking union – Single resolution mechanism for credit institutions and certain investment firms (SRM) – Resolution of Banco Popular Español – Decision of the SRB refusing to grant compensation to the shareholders and creditors affected by the resolution actions – Valuation of difference in treatment – Independence of the valuer)

Language of the case: English

Parties

Applicants: ACMO Sàrl (Luxembourg, Luxembourg) and the 65 other applicants whose names are listed in the annex to the judgment (represented by: T. Soames and I. Prodromou-Stamoudi, lawyers, and R. East, Solicitor)

Defendant: Single Resolution Board (represented by: M. Fernández Rupérez, A. Lapresta Bienz, L. Forestier and J. Rius Riu, acting as Agents, and by H.-G. Kamann, F. Louis, V. Del Pozo Espinosa de los Monteros and L. Hesse, lawyers)

Intervener in support of the defendant: Kingdom of Spain (represented by A. Gavela Llopis, acting as Agent)

Re:

By their action under Article 263 TFEU, the applicants seek the annulment of Decision SRB/EES/2020/52 of the Single Resolution Board (SRB) of 17 March 2020 determining whether compensation needs to be granted to the shareholders and creditors in respect of which the resolution actions concerning Banco Popular Español, SA have been effected.

Operative part of the judgment

The Court:

Authorises Bybrook Capital Badminton Fund LP to substitute itself for Cairn Global Funds PLC and Cairn Special Opportunities Credit Master Fund Limited as applicant;

Authorises PIMCO Global Cross-asset Opportunities Master Fund LDC to substitute itself for PHFS Series SPC – PHSF VII SP as applicant;

Dismisses the action;

Orders ACMO Sàrl and the other applicants whose names appear in the annex to bear their own costs and to pay those incurred by the Single Resolution Board (SRB);

Orders the Kingdom of Spain to bear its own costs.

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¹ OJ C 279, 24.8.2020.