Case T-680/13: Judgment of the General Court of 13 July 2018 — K. Chrysostomides & Co. and Others v Council and Others (Non-contractual liability — Economic and monetary policy — Stability support programme for Cyprus — Decision of the Governing Council of the ECB relating to emergency liquidity assistance following a request from the Central Bank of Cyprus — Euro Group Statements of 25 March, 12 April, 13 May and 13 September 2013 concerning Cyprus — Decision 2013/236/EU — Memorandum of Understanding of 26 April 2013 on Specific Economic Policy Conditionality concluded between the Republic of Cyprus and the European Stability Mechanism — Jurisdiction of the General Court — Admissibility — Formal requirements — Exhaustion of national rights of action — Sufficiently serious breach of a rule of law intended to confer rights on individuals — Right to property — Legitimate expectations — Equal treatment)
Date: 2018-07-13
Institutions: General Court
Subjects: Cyprus, EU financial instrument, central bank, economic policy, economic stabilisation, equal treatment, financial stability, indemnification, ownership, stability programme








C_2018352EN.01002801.xml










1.10.2018   


EN


Official Journal of the European Union


C 352/28






Judgment of the General Court of 13 July 2018 — K. Chrysostomides & Co. and Others v Council and Others
(Case T-680/13) (1)

((Non-contractual liability - Economic and monetary policy - Stability support programme for Cyprus - Decision of the Governing Council of the ECB relating to emergency liquidity assistance following a request from the Central Bank of Cyprus - Euro Group Statements of 25 March, 12 April, 13 May and 13 September 2013 concerning Cyprus - Decision 2013/236/EU - Memorandum of Understanding of 26 April 2013 on Specific Economic Policy Conditionality concluded between the Republic of Cyprus and the European Stability Mechanism - Jurisdiction of the General Court - Admissibility - Formal requirements - Exhaustion of national rights of action - Sufficiently serious breach of a rule of law intended to confer rights on individuals - Right to property - Legitimate expectations - Equal treatment))
(2018/C 352/33)
Language of the case: English

Parties


Applicants: Dr. K. Chrysostomides & Co. LLC (Nicosia, Cyprus) and 50 other applicants whose names are included in the annex (represented by: P. Tridimas, Barrister)

Defendants: Council of the European Union (represented by: A. de Gregorio Merino, E. Dumitriu-Segnana, E. Chatziioakeimidou and E. Moro, acting as Agents), European Commission (represented initially by: B. Smulders, J.-P. Keppenne and M. Konstantinidis, and subsequently by J.-P. Keppenne, M. Konstantinidis and L. Flynn, acting as Agents), European Central Bank (represented initially by: N. Lenihan and F. Athanasiou, subsequently by P. Papapaschalis and P. Senkovic and finally by M. Szablewska and K. Laurinavičius, acting as Agents, and by H.-G. Kamann, avocat), Euro Group, represented by the Council of the European Union (represented by: A. de Gregorio Merino, E. Dumitriu-Segnana, E. Chatziioakeimidou and E. Moro, acting as Agents) European Union, represented by the European Commission (represented initially by: B. Smulders, J.-P. Keppenne and M. Konstantinidis, and subsequently by J.-P. Keppenne, M. Konstantinidis and L. Flynn, acting as Agents)

Re:

Action under Article 268 TFEU seeking compensation for damage allegedly suffered by the applicants as a result of the decision of the Governing Council of the ECB of 21 March 2013 relating to emergency liquidity assistance following a request from the Central Bank of Cyprus, the Euro Group Statements of 25 March, 12 April, 13 May and 13 September 2013 concerning Cyprus, Council Decision 2013/236/EU of 25 April 2013 addressed to Cyprus on specific measures to restore financial stability and sustainable growth (OJ 2013 L 141, p. 32), the Memorandum of Understanding of 26 April 2013 on Specific Economic Policy Conditionality concluded between the Republic of Cyprus and the European Stability Mechanism (ESM), and other acts and conduct of the Commission, Council, the ECB and the Euro Group connected with the grant of a financial assistance facility to the Republic of Cyprus.

Operative part of the judgment

The Court:






1.


Dismisses the action;










2.


Orders Dr. K. Chrysostomides & Co. LLC and the other applicants whose names appear in the annex to bear, in addition to their own costs, those incurred by the Council of the European Union, by the European Commission and by the European Central Bank (ECB).






(1)  OJ C 194, 24.6.2014.