Italian Bank Sues For Compensation Over SRB Decision
Law360, London (August 12, 2019, 3:16 PM BST) -- An Italian bank has launched legal action against the European Union’s Single Resolution Board, seeking damages over a regulatory decision that forced it to pay more into the bloc's fund for helping failing banks.
Iccrea Banca SpA brought the case against the bloc’s central resolution authority at the EU's General Court, claiming the board unlawfully required the lender to make its contributions at a higher rate. The bank has alleged that the authority did not take into account certain liabilities within the corporate group and that its methodology resulted in double counting.
Iccrea Banca, which also calls itself the Central Institute...
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