November 5, 2019 / 12:25 PM / 14 days ago

Shareholders of former Latvian bank Trasta suffer setback at ECJ

BRUSSELS (Reuters) - Shareholders in former Latvian bank Trasta suffered a setback on Tuesday when the European Court of Justice ruled that their action against the European Central Bank was inadmissible before the court.

The ECB withdrew Trasta Komercbanka’s banking license in 2016 after it broke rules to fight money laundering and terror financing.

The General Court of the European Union had previously ruled in 2017 that the case of the group of shareholders was admissible.

However, the European Court of Justice, the EU’s upper court, said that the lower court had erred in its judgment.

It also ordered the shareholders to pay the legal costs of the ECB, as well as those of the European Commission.

Reporting by Philip Blenkinsop; Editing by Alex Richardson

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