Court of Justice of the European Communities (including Court of First Instance Decisions)

Action brought on 20 October 2016 – Amira and Others v Commission and ECB

(Case T-736/16)

Language of the case: English

Parties

Applicants: Maria Amira (Athens, Greece) and 15 other applicants (represented by S. Pappas and I. Ioannidis, lawyers)

Defendants: European Central Bank, European Commission

Form of order sought

The applicants claim that the Court should:

order the European Union and/or the European System of Central Banks (ESCB) to compensate for the amounts described in the application corresponding to the damage that the applicants suffered from their illegal participation in the restructuring of the Greek government debt, due to the activation of the retrofit Collective Action Clauses;

alternatively, order the Union and/or the European Central Bank (ECB) to compensate the applicants for the amounts described in the application corresponding to the damage suffered from the illegal exclusion of Greece’s official sector creditors from the restructuring of the Greek government debt;

in any case, order the ECB to compensate the applicants for the damages described in the application for each applicant emanating from the illegal exclusion of the ESCB from the restructuring of the Greek government debt;

order the ECB and/or the Union to bear the costs of the proceedings.

Pleas in law and main arguments

In support of the action, the applicant relies on five pleas in law.

First plea in law, alleging that the Union’s and/or the ECB’s and the ESCB’s actions were taken ultra vires and contrary to Articles 120-126, 127 and 352(1) TFEU.

Second plea in law, alleging that the ECB’s and the ESCB’s actions regarding in particular the ESCB’s exclusion from the restructuring violate Article 123 TFEU.

Third plea in law, alleging that the Union’s and/or the ECB’s and the ESCB’s actions violate the applicants’ right to property protected under Article 17 of the Charter of Fundamental Rights.

Fourth plea in law, alleging that the Union’s and/or the ECB’s and the ESCB’s actions violate free movement of capital protected under Article 63 TFEU.

Fifth plea in law, alleging that the Union’s and/or the ECB’s and the ESCB’s actions violate the applicants’ right to equal treatment protected under Article 20 of the Charter of Fundamental Rights.

____________