Grande Stevens and Others v. Italy

Cases No. 18640/10, 18647/10, 18688/10, 18698/10, Strasbourg, 4 March 2014 (2014)

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Grande Stevens and Others v. Italy

European Court of Human Justice
Cases No. 18640/10, 18647/10, 18688/10, 18698/10, Strasbourg, 4 March 2014 (2014)

Facts

Fiat, an Italian corporation, negotiated a sizeable three-year loan with a group of banks. If Fiat did not repay the loan within three years, the loan agreement allowed the banks to take Fiat shares and offer the shares to existing shareholders, diluting the interests of the controlling shareholders. Fiat’s board and its financial advisors and consultants (including Grande Stevens) (the executives and consultants) (plaintiffs) devised a plan that would deliver additional shares to the controlling shareholders to prevent the dilution of their interests. Italy’s financial-markets regulator, Consob, brought sanctions proceedings against the executives and consultants for failing to disclose their plan and manipulate the market and share rights and prices. Consob issued heavy monetary sanctions and suspended the executives and consultants from serving as officers or directors of market-listed companies or as financial consultants. Italian prosecutors then initiated criminal proceedings against several of the executives and consultants. The executives and consultants brought an action in the European Court of Human Rights against the Italian government (Italy) (defendant), asserting that the executives and consultants were subject to double jeopardy.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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