The unconditional recognition of a retroactive reorganisation measure of a banking group is contrary to European Union law if it limits a customer’s right to an effective remedy, the Court of Justice of the EU ruled on Thursday 29 April (Case C-504/19).
In the main proceedings, the Spanish branch of Novo Banco, the Portuguese bridge bank that took over certain assets and liabilities of the defaulting Portuguese bank Banco Espírito Santo (BES) from August 2014, considers that it cannot be...