A European Union court on Wednesday rejected claims by more than 200 Italian investors against the European Central Bank over Greek debt restructuring in 2012, saying their losses were part of normal financial market risk.
According to a Reuters report, more than 200 Italian investors were seeking to sue ECB for damages of more than 12 million euros.
The investors claimed that ECB negotiated a secret swap agreement with Greece early in 2012, receiving new better-structured bonds and so granting itself preferred creditor status to the detriment of others, Reuters says.
At the same time, other Greek state bond holders received new securities with a substantially lower nominal value and a longer maturity period.
The General Court of the European Union, the second highest EU court, said in its ruling that the ECB had exclusively acted with the objective of stabilizing markets, the report concludes.