Notices for publication in the OJ nº T-2/19 of Tribunal General de la Unión Europea, February 15, 2019

• Resolution Date: February 15, 2019
• Issuing Organization: Tribunal General de la Unión Europea
• Decision Number: T-2/19

Action brought on 4 January 2019 - Algebris (UK) and Anchorage Capital Group v SRB

(Case T-2/19)

Language of the case: English

Parties

Applicants: Algebris (UK) Ltd (London, United Kingdom) and Anchorage Capital Group LLC (New York, New York, United States) (represented by: T. Soames, lawyer, R. East, Solicitor, N. Chesaites, and D. Mackersie, Barristers)

Defendant: Single Resolution Board (SRB)

Form of order sought

The applicants claim that the Court should:

annul the SRB’s decision to the effect that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation (EU) No 806/2014; ¹

order the SRB to pay the applicants’ legal costs.

Pleas in law and main arguments

In support of the action, the applicants rely on four pleas in law.

First plea in law, alleging that the SRB’s decision that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation 806/2014 rests on an error of law in breach of Article 20(11) and/or Article 20(12) of that Regulation, which requires an ex-post definitive valuation in circumstances where a provisional valuation that did not meet the requirements of Article 20(1) and (4) to (9) of Regulation 806/2014 is relied on to take resolution measures.

Second plea in law, alleging that the SRB committed manifest errors of assessment in its application of Article 20(11) of Regulation 806/2014 in the contested decision, because, in adopting the contested decision, the SRB proceeded on the erroneous basis that no ex-post definitive valuations are required in this case.

Third plea in law, alleging that, insofar as the contested decision implies a decision by the SRB not to...