The BPP Judgment

On 12 December 2014, the General Court ruled on the action for annulment filed by Banco Privado Português, SA (hereinafter, "BPP") and Massa Insolvente do Banco Privado Português, SA concerning a Commission decision dated 20 July 2010¹. Said decision, upheld by the General Court, declared the State aid received by BPP incompatible with the internal market as from 5 December 2008 and thus ordered the Portuguese Republic to secure its recovery.