European Union: Prospectus Directive - damages

The Court of Justice of the European Union delivered judgment earlier this month in Bankia (Prospectus when securities are offered to the public or admitted to trading - Judgment) [2021] EUECJ C-910/19. A summary of the judgment has been published by the ICLR: see here. The Court of Justice held, to quote from the headnote of the ICLR summary, that: "an investor who had participated in an offer of securities in the context of which a prospectus had been published could legitimately rely on the information given in that prospectus and was, therefore, entitled to bring an action for damages, pursuant to article 6 of Parliament and Council Directive 2003/71/EC, on the grounds of the inaccuracy of that information, whether or not the prospectus was issued for that investor".