‘Association of the Old Shareholders of the Bank of Cyprus’ AGM

Managing partner of our law firm Dr Kypros Chrysostomides, accompanied by senior associate Yiannis Karamanolis, participated in the AGM of the “Association of the Old Shareholders of the Bank of Cyprus” which took place on 5 May 2015 at the Hilton Park Hotel in Nicosia. During the AGM, Dr Chrysostomides, who is the Legal Advisor of the Association, as well as a member of its Board, analysed the legal proceedings which are currently pending before the General Court of the European Union, in addition to the District Court of Nicosia and explained the Association’s considerations and options for further legal actions. Dr Chrysostomides suggested that each shareholder should contact their own legal advisors accordingly.

Our firm has filed a collective action on behalf of 284 members of the Association before the District Court of Nicosia against the Republic of Cyprus, the Central Bank of Cyprus, the Restructuring Authority, the Special Administrator of the Cyprus Popular Bank Public Co Ltd and the Cyprus Popular Bank Public Co Ltd, regarding their decisions and actions in the implementation of the decrees of the Eurogroup, the European Central Bank, the European Commission, and the Council of the European Union, in connection with the ‘bail-in’ measures which were imposed on the Republic of Cyprus in March 2013.

Our firm has also initiated legal proceedings on behalf of some members of the Association before the General Court of the European Union, in Luxembourg, against the relevant EU institutions (the European Central Bank, the European Commission, the Council of the European Union and the Eurogroup), as well as the European Union as a whole, for specific breaches of European Law.