Valle Ruiz and others v. Spain Rogelio Barrenechea Cuenca, Antonio Cosío Ariño, Luis de Garay Russ and others v. Kingdom of Spain (PCA Case No. 2019-17)
Shareholding and bondholding in Banco Popular Español, S.A., one of Spain’s largest banks.
Claims arising out of the Government’s alleged withdrawal of significant amounts of deposits from Banco Popular. The authorities allegedly refused to provide financial support during the Bank’s ensuing liquidity crisis in 2017, which led to the Bank’s forced resolution and sale to a Spanish bank – the sole bidder in the auction – for one euro.
Tertiary: K - Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
PCA (Permanent Court of Arbitration)
Kaufmann-Kohler, G.
Park, W. W.
Mourre, A.
Decided in favour of State
647.10 mln EUR (688.60 mln USD)
Data not available
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment

Direct expropriation

Indirect expropriation
None - all claims dismissed at the merits stage