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FORT victory in EU Court of Justice: rights of acquirers of Snoras shares protected

On 22, 03 2018 | No Comments | In Uncategorized | By Law Office FORT

FORT Vilnius team wins a case in the Court of Justice of the EU concerning the protection of rights of group of individuals that have paid-up shares of bank SNORAS prior to its bankruptcy.

Today the Court of Justice of the EU adopted a decision effecting rights of 500 individuals seeking compensations in range from 22 to 100 thousand euros. The Court declared, that individuals are entitled to choose which protection they seek (depositor or investor) by themselves, if Lithuania has failed to indicate under which system they are protected. This is a landmark case for our legal system, reaffirming principle of supremacy of the EU law – rights granted by EU law shall be observed, even in cases where national law does not implement it. The case was handled by attorneys dr. A.Mamontovas ir dr. A.Samuilytė-Mamontovė