![](https://www.pymnts.com/wp-content/uploads/2021/03/shutterstock_1731077497-e1614217959956-2.jpg)
Italy’s bailout of ailing bank Tercas six years ago did not involve State aid, Europe’s top court stated on Tuesday, March 2, in a setback to EU competition enforcers that may pave the way for compensation for Italian savers.
The European Commission in 2015 ruled the €300 million (US$360 million) rescue of Tercas was illegal because it was carried out with money from Italian deposit guarantee fund FITD.
It ordered Italy to recover the money, a move which subsequently resulted in less favorable terms for bailouts of other banks, including Banca Monte dei Paschi di Siena in 2017.
The Luxembourg-based General Court, Europe’s second-highest, in 2019 threw out the Commission’s decision. The EU watchdog appealed to the Court of Justice of the European Union (CJEU).
CJEU judges backed the lower tribunal and dismissed the appeal. “The General Court rightly found that those measures do not constitute state aid because they are not imputable to the Italian state,” the CJEU stated.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
House Oversight Panel to Probe Pharmacy Benefit Managers’ Role in Rising Healthcare Costs
Jul 16, 2024 by
CPI
Spanish Train Maker Talgo Receives Merger Offer from Czech Rival Skoda
Jul 16, 2024 by
CPI
Yandex Finalizes $5.4 B Asset Split, Marking Major Corporate Exit and Birth of New AI Venture
Jul 16, 2024 by
CPI
Tesla Switches Legal Teams in California Antitrust Class Action, Court Records Reveal
Jul 16, 2024 by
CPI
Citigroup Fined $136 Million for Insufficient Progress on Data Management Issues
Jul 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI