Case T-107/17 | Frank Steinhoff and Others v European Central Bank (ECB)

Summary:

The General Court rejects the action for compensation brought against the ECB by private investors who suffered losses as a result of the restructuring of the Greek public debt in 2012. That restructuring was not a disproportionate and intolerable infringement of the right to property of those investors, even if they had not consented to that measure.

Subject:

Non-contractual liability - Economic and monetary policy - ECB - National central banks - Restructuring of the Greek public debt - Involvement of the private sector - Collective action clauses - Mandatory exchange of Greek debt - Private creditors - ECB opinion - Sufficiently serious breach of a rule of law conferring rights on individuals - Principle pacta sunt servanda - Article 17 (1) and (2) of the Charter of Fundamental Rights - Article 63 (1) TFEU - Article 124 TFEU.

Official

Judgment of the General Court in Case T-107/17 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:62017TJ0107

CJEU: Press Release, 23.05.19: Judgment in Case T-107/17 Frank Steinhoff and Others v European Central Bank (ECB) https://curia.europa.eu/jcms/upload/docs/application/pdf/2019-05/cp190066en.pdf

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