EU Court Tosses Challenge To €4.8B Portuguese Bank Bailout

Law360, London (December 19, 2019, 10:52 PM GMT) -- A European court on Thursday dismissed a challenge from creditors of now-failed Portuguese bank Espirito Santo SA that sought to overturn the European Commission's approval of a €4.8 billion ($5.3 billion) bailout under state aid rules.

The EU General Court determined in its ruling that the bailout decision “did not have any direct effects on the legal situation” of BPC Lux 2 Sàrl and other creditors.

“Given that the applicants have failed to prove that they are directly concerned by the contested decision, it must be held that they do not have standing to bring proceedings for annulment of that decision,” the...

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