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FORT represented share subscribers of bankrupt bank “Snoras” in the Court of Justice of the European Union

On 03, 04 2017 | No Comments | In Uncategorized | By Law Office FORT

FORT lawyer dr Aistė Samuilytė-Mamontovė and attorney at law dr Andrius Mamontovas represented the share subscribers of the bankrupt bank “Snoras” in the oral hearing in the Court of Justice of the European Union (the CJEU) on 30 March 2017. The Supreme Court of Lithuania (the Supreme Court) decided to address to the CJEU after persons represented by FORT requested to explain the definition “deposit” provided in the Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes.

Preliminary ruling to be adopted by the CJEU shall help the national court to answer a question whether funds transferred to the account of “Snoras” for shares which were failed to be issued and opened in another credit institution be treated as a deposit, and the subscribers – as depositors. If the CJEU rules that the share subscribers can be treated as depositors, they could be entitled to receive insurance premium amounting to up to EUR 100,000 each.

Advocate general of the CJEU M. M. Campos Sánchez Bordona will deliver his opinion in this case on 15 June 2017. After the opinion of advocate general is delivered, the CJEU will adopt preliminary ruling explaining European Union law in respect of the questions submitted by the Supreme Court.