Case C-447/23, Banco Santander (Resolution of Banco Popular IV): Order of the Court (Sixth Chamber) of 11 September 2025 (request for a preliminary ruling from the Juzgado de Primera Instancia de Santa Coloma de Farners – Spain) – Juan Antonio and María Consuelo v Banco Santander, SA (Reference for a preliminary ruling – Article 99 of the Rules of Procedure of the Court of Justice – Directive 2014/59/EU – Resolution of credit institutions and investment firms – General principles – Article 34(1)(a) and (b) – Bail in – Effects – Article 53(1) and (3) – Write-down of capital instruments – Points (b) and (c) of the first subparagraph of Article 60(2) – Safeguard measures for shareholders – Articles 73 to 75 – Pre-emptive subscription rights – Directive 2003/71/EC – Directive 2004/109/EC – Protection of the rights of shareholders and creditors – Flawed and incorrect information provided in the prospectus to be published, inter alia, when securities are offered to the public – Information about issuers whose securities are already admitted to trading – Action for damages – Action for a declaration of nullity in respect of the purchase agreement – Actions brought against the universal successor of the credit institution subject to a resolution decision)
Date: 2025-09-11
Institutions: Court of Justice
Subjects: aid for restructuring, bank resolution, company in difficulties, credit institution, damages, financial instrument, financial solvency, primacy of EU law, securities, shareholder








C_202506600EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/6600


22.12.2025






Order of the Court (Sixth Chamber) of 11 September 2025 (request for a preliminary ruling from the Juzgado de Primera Instancia de Santa Coloma de Farners – Spain) – Juan Antonio and María Consuelo v Banco Santander, SA


(Case C-447/23,
                (1)
Banco Santander (Resolution of Banco Popular IV))

(Reference for a preliminary ruling - Article 99 of the Rules of Procedure of the Court of Justice - Directive 2014/59/EU - Resolution of credit institutions and investment firms - General principles - Article 34(1)(a) and (b) - Bail in - Effects - Article 53(1) and (3) - Write-down of capital instruments - Points (b) and (c) of the first subparagraph of Article 60(2) - Safeguard measures for shareholders - Articles 73 to 75 - Pre-emptive subscription rights - Directive 2003/71/EC - Directive 2004/109/EC - Protection of the rights of shareholders and creditors - Flawed and incorrect information provided in the prospectus to be published, inter alia, when securities are offered to the public - Information about issuers whose securities are already admitted to trading - Action for damages - Action for a declaration of nullity in respect of the purchase agreement - Actions brought against the universal successor of the credit institution subject to a resolution decision)
(C/2025/6600)
Language of the case: Spanish

Referring court

Juzgado de Primera Instancia de Santa Coloma de Farners

Parties to the main proceedings


Applicants: Juan Antonio and María Consuelo

Defendant: Banco Santander, SA

Operative part of the order

The provisions of Article 34(1)(a), 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, read in the light of Article 47 and Article 52(1) of the Charter of Fundamental Rights of the European Union and of the principle of legal certainty
must be interpreted as precluding actions for damages brought on account of the flawed and incorrect nature of the information provided in particular in the prospectus, such as the information set out in Article 6 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, and in Article 7 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, and as precluding actions for a declaration of nullity in respect of an agreement for the purchase of shares and pre-emptive subscription rights under national law, where those actions for damages and for a declaration of nullity






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are brought after the adoption of resolution measures involving the total write-down of the shares constituting the share capital of the credit institution that issued those securities, and










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seek reimbursement of the price, plus interest, paid for the acquisition of those securities prior to the resolution.






(1)  Date lodged: 10.7.2023
         


ELI: http://data.europa.eu/eli/C/2025/6600/oj
ISSN 1977-091X (electronic edition)