Press Release: Legal proceedings brought in Germany against the Greek State by individuals following the forced exchange of their government bonds may be served on that State in accordance with the EU Regulation on service

Report on Judgment in Case C-226/13, C-245/13, C-247/13 and C-578/13. Stefan Fahnenbrock and Others v Greek State.

The two German courts are hearing actions brought against the Greek State by holders of Greek government bonds who are domiciled in Germany. Those bondholders consider they have suffered damage due to the fact that, in March 2012, they were allegedly forced to exchange their securities for new government bonds with a considerably reduced nominal value.

By this judgment, the Court of Justice replies that legal proceedings, such as those at issue in the present case, brought by private bondholders against the issuing State, fall within the scope of the regulation since it is not manifest that they fall outside the scope of civil or commercial matters.