Action brought on 4 January 2019 — Algebris (UK) and Anchorage Capital Group v SRB

(Case T-2/19)

(2019/C 82/72)

Language of the case: English

Parties

Applicants: Algebris (UK) Ltd (London, United Kingdom) and Anchorage Capital Group LLC (New York, New York, United States) (represented by: T. Soames, lawyer, R. East, Solicitor, N. Chesaites, and D. Mackersie, Barristers)

Defendant: Single Resolution Board (SRB)

Form of order sought

The applicants claim that the Court should:

—	annul the SRB’s decision to the effect that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation (EU) No 806/2014; (1)

—	order the SRB to pay the applicants’ legal costs.

Pleas in law and main arguments

In support of the action, the applicants rely on four pleas in law.

First plea in law, alleging that the SRB’s decision that ex-post definitive valuations of Banco Popular Español S.A. were not required pursuant to Article 20(11) of Regulation 806/2014 rests on an error of law in breach of Article 20(11) and/or Article 20(12) of that Regulation, which requires an ex-post definitive valuation in circumstances where a provisional valuation that did not meet the requirements of Article 20(1) and (4) to (9) of Regulation 806/2014 is relied on to take resolution measures.

Second plea in law, alleging that the SRB committed manifest errors of assessment in its application of Article 20(11) of Regulation 806/2014 in the contested decision, because, in adopting the contested decision, the SRB proceeded on the erroneous basis that no ex-post definitive valuations are required in this case.

Third plea in law, alleging that, insofar as the contested decision implies a decision by the SRB not to increase the value of the EUR 1 consideration paid by Banco Santander, S.A., this amounts to an error of law and/or manifest error of assessment in breach of Article 20(11) and (12) of Regulation 806/2014.

4.	Fourth plea in law, alleging that the SRB has breached its obligation to provide reasons for the contested decision, contrary to Article 296 TFEU.

(1) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ 2014 L 225, p. 1).