# C_2019082EN.01006001.xml

| 4.3.2019 | EN | Official Journal of the European Union | C 82/60 |
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4.3.2019

EN

Official Journal of the European Union

C 82/60

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Action brought on 4 January 2019 — Algebris (UK) and Anchorage Capital Group v SRB

(Case T-2/19)

(2019/C 82/72)

Language of the case: English

Parties

Applicants: Algebris (UK) Ltd (London, United Kingdom) and Anchorage Capital Group LLC (New York, New York, United States) (represented by: T. Soames, lawyer, R. East, Solicitor, N. Chesaites, and D. Mackersie, Barristers)

Defendant: Single Resolution Board (SRB)

Form of order sought

The applicants claim that the Court should:

| — | annul the SRB’s decision to the effect that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation (EU) No 806/2014; (1) |
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annul the SRB’s decision to the effect that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation (EU) No 806/2014; (1)

| — | order the SRB to pay the applicants’ legal costs. |
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order the SRB to pay the applicants’ legal costs.

Pleas in law and main arguments

In support of the action, the applicants rely on four pleas in law.

| 1. | First plea in law, alleging that the SRB’s decision that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation 806/2014 rests on an error of law in breach of Article 20(11) and/or Article 20(12) of that Regulation, which requires an ex-post definitive valuation in circumstances where a provisional valuation that did not meet the requirements of Article 20(1) and (4) to (9) of Regulation 806/2014 is relied on to take resolution measures. |
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1.

First plea in law, alleging that the SRB’s decision that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation 806/2014 rests on an error of law in breach of Article 20(11) and/or Article 20(12) of that Regulation, which requires an ex-post definitive valuation in circumstances where a provisional valuation that did not meet the requirements of Article 20(1) and (4) to (9) of Regulation 806/2014 is relied on to take resolution measures.

| 2. | Second plea in law, alleging that the SRB committed manifest errors of assessment in its application of Article 20(11) of Regulation 806/2014 in the contested decision, because, in adopting the contested decision, the SRB proceeded on the erroneous basis that no ex-post definitive valuations are required in this case. |
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2.

Second plea in law, alleging that the SRB committed manifest errors of assessment in its application of Article 20(11) of Regulation 806/2014 in the contested decision, because, in adopting the contested decision, the SRB proceeded on the erroneous basis that no ex-post definitive valuations are required in this case.

| 3. | Third plea in law, alleging that, insofar as the contested decision implies a decision by the SRB not to increase the value of the EUR 1 consideration paid by Banco Santander, S.A., this amounts to an error of law and/or manifest error of assessment in breach of Article 20(11) and (12) of Regulation 806/2014. |
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3.

Third plea in law, alleging that, insofar as the contested decision implies a decision by the SRB not to increase the value of the EUR 1 consideration paid by Banco Santander, S.A., this amounts to an error of law and/or manifest error of assessment in breach of Article 20(11) and (12) of Regulation 806/2014.

| 4. | Fourth plea in law, alleging that the SRB has breached its obligation to provide reasons for the contested decision, contrary to Article 296 TFEU. |
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4.

Fourth plea in law, alleging that the SRB has breached its obligation to provide reasons for the contested decision, contrary to Article 296 TFEU.

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(1)  Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ 2014 L 225, p. 1).

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