ATM | Associação de Investidores

Ten years in the making: ECJ to hear Portugal’s class action on sell-out rights under the Takeover Directive

Lisbon — ATM confirms that, ten years after the first filings, the question raised in Portugal’s collective action has finally reached the Court of Justice of the European Union (ECJ). In 2016/2017, ATM presented the issue to an audience of over 250 lawyers, EU regulators, Maltese officials and other stakeholders, committing to bring the matter before the ECJ. A related Croatian reference touched the edges of this theme, but it is now squarely before the Court, following the conduct of Fidelidade and the CMVM. Several dozen legal opinions from professors across multiple Member States support the investors’ position. The ECJ will now provide authoritative guidance.

Procedural note. The first Portuguese reference was deemed inadmissible for failing Article 94 of the Rules of Procedure, because the referring court merely incorporated the facts “by reference” to the appealed judgment. The Supreme Administrative Court (STA) has now re-referred with a complete factual record. The case number may be reassigned.