Protecting Clients of Financial Institutions. A Review of the CJEU Judgments.
CJEU Position in the European Justice System.
The legal foundations for the Court of Justice of the European Union (CJEU) are set out in two treaties, i.e. the Treaty on European Union (TEU) and the Treaty on the Functioning of the European Union (TFEU). The CJEU consists of three judicial institutions, i.e. the Court of Justice, the General Court and the European Union Civil Service Tribunal. The Court of Justice gives interpretation of EU law to ensure uniform application of EU legislation by all member states. The Court’s judgments are given in a form of preliminary rulings in response to questions submitted by national courts under Article 267 of the TFEU (preliminary references). Preliminary rulings are final and binding interpretation of EU legislation that must be followed by the court submitting a request. This is the principle of the preliminary reference procedure As the EU treaties do not recognize the CJEU case-law to be part of European Union law, the judgments are not deemed to be generally binding on all courts. The question whether CJEU judgments should become generally binding on all courts remains to be discussed.
CJEU judgments on financial contracts
Though it does not aspire to be complete, this selection of the CJEU judgments is a concise presentation of the key judgments given recently in cases brought be clients against financial institutions.
Our Law Firm advises many clients on cases involving contracts with banks and financial institutions in Poland, including class-action lawsuits.
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