News

The Greek authority supervising banks and financial institutions with its decision 25/1/17.12.2011 has revoked the operating license of T-BANK (former Aspis bank). The bank was placed under special liquidation procedure.

Several people died and others were missing after the Costa Concordia cruise ship with more than 4.000 people on board ran aground and keeled over off an Italian island, sparking chaos as passengers scrambled to get off. Our office in close collaboration with a top specialist consortium from Italy England, France Spain and the USA is offering legal support and assistance to victims and their families of this terrible accident.

Unfortunately our worst fears are being confirmed: The Eurogroup and the Greek government announced that all private holders of Greek State bonds by virtue of the so called “collective action clause” (CAC) will be forced to participate to the bonds swap although they did not consent to it.

We consider this as unconventional and totally unlawful falling short to the requirements of the art. 1 protocol No 1 of the European Convention of Human rights as it has been signed by the Republic of Greece. We also feel it violates the disposals of the Hellenic Constitution and other national texts challenging the existence of such collective action clauses.

Our Law firm, instructed by a number of holders of Sovereign Greek debt bonds in cooperation with our Italian counterparts, has submitted on the 11th of April 2012 an introductory claim at the EUROPEAN COURT OF HUMAN RIGHTS in Strasbourg under rule 47§5 of the Rules of Court.

This action should be the first of its kind in the world and is expected with great interest as it requests the Court to initiate a Pilot Judgment procedure pursuant to rule 61 of the Rules of Court, alleging a breach of the European Convention on Human Rights and its Protocols to which Greece is a party.