ECJ Urged To Dismiss Failed Latvian Bank's Status Challenge

Law360, London (January 14, 2021, 7:54 PM GMT) -- A legal adviser urged the European Union's top court Thursday to dismiss claims by Latvia's ABLV Bank that it had been unreasonably forced into liquidation after a banking supervisor said it was likely to fail amid money laundering allegations.

In a nonbinding opinion, Advocate General Manuel Campos Sánchez-Bordona said judges should reject ABLV's bid to annul the European Central Bank's decision from February 2018. The ECB found that the bank and its subsidiary ABLV Bank Luxembourg SA were failing or were likely to fail, which the lender says forced its shareholders to vote for voluntary liquidation.

The advocate general said Thursday...

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