Official Journal of the European Union
Judgment of the General Court of 9 February 2022 — QI and Others v Commission and ECB
(Case T-868/16) (1)
(Non-contractual liability - Economic and monetary policy - Restructuring of Greek public debt - Bond exchange agreement for the sole benefit of the Eurosystem central banks - Private sector involvement - Collective action clauses - Private creditors - Official sector creditors - Attributability - Sufficiently serious infringement of a rule of law conferring rights on individuals - Article 63(1) TFEU - Articles 120 to 127 and Article 352(1) TFEU - Right to property - Equal treatment)
Language of the case: English
Applicants: QI and the 15 other applicants whose names are set out in the annex to the judgment (represented by: S. Pappas, lawyer)
Defendants: European Commission (represented by: J.-P. Keppenne, L. Flynn and T. Maxian Rusche, acting as Agents) and European Central Bank (represented by: K. Laurinavičius and M. Szablewska, acting as Agents, and by H.-G. Kamann, lawyer)
Interveners in support of the defendants: European Council and Council of the European Union (represented by: K. Michoel, E. Chatziioakeimidou and J. Bauerschmidt, acting as Agents)
APPLICATION based on Article 268 TFEU seeking compensation for the damage allegedly suffered by the applicants following the implementation of a mandatory exchange of State bonds in the context of the restructuring of Greek public debt in 2012 through the involvement of private investors by means of the application of collective action clauses, due to the conduct and actions of, in particular, the European Council, the Council, the Commission and the ECB.
Operative part of the judgment
Dismisses the action;
Orders QI and the other applicants whose names appear in the annex to pay, in addition to their own costs, those incurred by the European Commission and by the European Central Bank (ECB);
Orders the European Council and the Council of the European Union to bear their own costs.
(1) OJ C 30, 30.1.2017.