Notices for publication in the OJ nº T-257/20 of Tribunal General de la Unión Europea, June 05, 2020

• Resolution Date: June 05, 2020
• Issuing Organization: Tribunal General de la Unión Europea
• Decision Number: T-257/20

Action brought on 7 May 2020 - González Calvet v SRB

(Case T-257/20)

Language of the case: Spanish

Parties

Applicants: Ramón González Calvet and Joan González Calvet (Barcelona, Spain) (represented by: P. Molina Bosch, lawyer)

Defendant: Single Resolution Board

Form of order sought

The applicants claim that the General Court should:

annul the decision of the Single Resolution Board SRB/EES/2020/52 of 17 March 2020;

evaluate all the assets of the entire Banco Popular Group and not just those of the parent company separately from its subsidiaries, as Deloitte has done, given that the entire group has been taken over by Banco Santander and not just the parent company;

evaluate the performing loans at 100% of their book value;

evaluate the non-performing loans at 100% of their book value, given that, between guarantees and provisions, their cover was close to 100%;

evaluate the real estate assets of the Banco Popular Group at EUR 10 896 000 000, given that the corresponding provisions were discounted;

evaluate the total assets of the Banco Popular Group at EUR 153 785 000 000 in accordance with the arguments set out in the application which provides a realisation value for shareholders in the event of liquidation of EUR 29 365 000 000, after discounting the EUR 124 420 000 000 owed, according to Deloitte, to creditors;

set compensation of EUR 7.00 per share, being the sum obtained by dividing EUR 29 365 000 000 by 4 196 000 000 shares which were in circulation at the time of the resolution;

indemnify Mr Ramon González Calvet with EUR 317 072 (three hundred and seventeen thousand and seventy-two euros) for the expropriation of his 45 296 shares and Mr Juan González Calvet with EUR 11 977 (eleven thousand nine hundred and seventy-seven euros) for the expropriation of his 1 711 shares, together with legal costs.

Pleas in law and main arguments

On 6 June 2017, the Single Resolution Board (SRB) resolved Banco Popular and sold it for the sum of one euro to Banco Santander. On 17 March 2020, the SRB, after the bondholders and shareholders in Banco Popular affected by its resolution had exercised their right to be heard, decided in decision SRB/EES/2020/52 that those affected would not be compensated, relying on the Deloitte’s Valuation 3 Report.

In the application, the applicants submit that Deloitte is a discredited auditing company as a result of cases such as Gowex, Bankia, Gescartera and Abengoa, and in fact, it is not currently...