CASE COMMENTS: STATE AID - EUROPEAN UNION - RESTRUCTURING AID - STANDING - INTEREST IN BRINGING PROCEEDINGS - STANDING

Interest in bringing proceedings: The General Court of the European Union declares admissible the action bondholders, issued in the context of the capital increase of an Italian bank, directed against the decision of the European Commission approving on the basis of the Article 107 (3) (b) TFEU, at the end of the preliminary examination phase, aids granted to this bank, in return of a restructuring plan and commitments offered by the Italian authorities (Braesch)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. In 2008, the Italian bank Banca Monte dei Paschi di Siena ["BMPS"] carried out a capital increase fully underwritten by J. P. Morgan Securities ["JPM"], by means of so-called Fresh contracts. J. P. Morgan Securities obtained the necessary funds from a financial institution ["MUJF"], which issued bonds (so-called Fresh) for this purpose. The fees received by JPM from BMPS under the Fresh contracts were passed on to MUFJ and then to

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  • European Court of Justice (Luxembourg)

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Raphaël Vuitton, Interest in bringing proceedings: The General Court of the European Union declares admissible the action bondholders, issued in the context of the capital increase of an Italian bank, directed against the decision of the European Commission approving on the basis of the Article 107 (3) (b) TFEU, at the end of the preliminary examination phase, aids granted to this bank, in return of a restructuring plan and commitments offered by the Italian authorities (Braesch), 24 February 2021, Concurrences N° 2-2021, Art. N° 100559, pp. 143-144

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