Santander, Axa Lose Appeal At ECJ On Spanish Tax Break

By Todd Buell (October 6, 2021, 2:22 PM BST) -- Spanish lender Santander and insurer Axa lost an appeal at the European Union's highest court on Wednesday as the judges said that a lower court was correct to determine that Spain's goodwill amortization program constituted illegal state aid.

Spanish lender Santander and insurer Axa received illegal state aid through Spain's goodwill amortization program, the European Union's high court ruled. (Photo by Keith Mayhew/SOPA Images/LightRocket via Getty Images) The decision also marks a defeat for other plaintiffs, as well as the Spanish government, which had challenged the commission's finding of state aid as well as a ruling from the EU's General Court...

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