Banking & Finance
June 5, 2026
On 21 May 2026, the Court of Justice of the European Union (Fifth Chamber) delivered its judgment in Malacalza Investimenti and Malacalza v ECB (C-557/24 P) dismissing a claim for non-contractual damages brought by two former shareholders of Banca Carige SpA against the European Central Bank. The judgment contributes meaningfully to the emerging body of law on the conditions under which the ECB may incur non-contractual liability in the exercise of its supervisory functions under Regulation (EU) No 1024/2013 (the SSM Regulation), both through its substantive outcomes and through the questions it leaves open.
Background and Procedural History
Banca Carige is an Italian credit institution that fell under the ECB’s direct prudenti
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