In a judgment delivered on Tuesday 15 July (Joined Cases C-777/22 P and C-789/22 P), the Court of Justice of the European Union annulled the October 2022 judgment of the General Court which had partially upheld the action brought by Ms Corneli, a minority shareholder in Banca Carige, by annulling the January 2019 decision of the ECB (see EUROPE 12165/9), acting as sole banking supervisor, to place this Italian bank under temporary administration (as well as subsequent extension decisions).
Like the General Court, the Court considers Ms Corneli’s action admissible since the ECB’s decisions have altered the legal relationship between Banca Carige and its shareholders, in particular by adversely affecting Ms Corneli’s rights to elect Banca Carige’s management and supervisory bodies and by altering the conditions under which the shareholders could incur liability for the bank’s management and supervisory bodies.
On the other hand, the Court dismissed the plea in Ms Corneli’s action alleging an error of law in determining the legal basis (Article 70 of the Italian law transposing the ‘BRRD’ Directive 2014/59) used to adopt the contested decisions.
The case has been referred to the General Court of the European Union.
See the judgment of the Court of Justice: https://aeur.eu/f/hw3 (Original version in French by Mathieu Bion)