Case C-687/23, Banco Santander (Resolution of Banco Popular III): Judgment of the Court (First Chamber) of 11 September 2025 (request for a preliminary ruling from the Tribunal Supremo – Spain) – D.E. v Banco Santander SA (Reference for a preliminary ruling – Directive 2014/59/EU – Resolution of credit institutions and investment firms – General principles – Article 34(1)(a) and (b) – Bail-in – Write-down of capital instruments – Effects – Article 53(1) and (3) – Article 60(2), first subparagraph, points (b) and (c) – Protection of the rights of shareholders and creditors – Purchase of capital instruments – Flawed and incorrect information provided in the prospectus to be published, inter alia, when securities are offered to the public – Action for a declaration of nullity in respect of the agreement for the purchase of capital instruments – Action for damages – Actions brought before the adoption of resolution measures)
Date: 2025-09-11
Institutions: Court of Justice
Subjects: bank, bank resolution, bond, claim, company in difficulties, damages, share








C_202505797EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/5797


10.11.2025






Judgment of the Court (First Chamber) of 11 September 2025 (request for a preliminary ruling from the Tribunal Supremo – Spain) – D.E. v Banco Santander SA


(Case C-687/23,
                (1)
Banco Santander (Resolution of Banco Popular III))

(Reference for a preliminary ruling - Directive 2014/59/EU - Resolution of credit institutions and investment firms - General principles - Article 34(1)(a) and (b) - Bail-in - Write-down of capital instruments - Effects - Article 53(1) and (3) - Article 60(2), first subparagraph, points (b) and (c) - Protection of the rights of shareholders and creditors - Purchase of capital instruments - Flawed and incorrect information provided in the prospectus to be published, inter alia, when securities are offered to the public - Action for a declaration of nullity in respect of the agreement for the purchase of capital instruments - Action for damages - Actions brought before the adoption of resolution measures)
(C/2025/5797)
Language of the case: Spanish

Referring court

Tribunal Supremo

Parties to the main proceedings


Applicant: D.E.

Defendant: Banco Santander SA

Operative part of the judgment

The provisions of Article 34(1)(a) and (b), Article 53(1) and (3), and points (b) and (c) of the first subparagraph of Article 60(2) of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council
must be interpreted as not precluding the rights arising from an action for a declaration of nullity in respect of a contract for the subscription of subordinated bonds which are converted into shares and from an action for damages, based on the failure to comply with the information requirements arising from Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, from being regarded as falling within the category of obligations or claims which have ‘accrued’ at the time of the resolution of the credit institution concerned, within the meaning of Article 53(3) and point (b) of the first subparagraph of Article 60(2) of Directive 2014/59, where those actions were brought before the total write-down of the share capital of that credit institution in the course of resolution proceedings.


(1)  OJ C, C/2024/1837.


ELI: http://data.europa.eu/eli/C/2025/5797/oj
ISSN 1977-091X (electronic edition)