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Mensuel de avril 2015 - Economie

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Marks & Spencer still stands : the “final loss” principle has been reaffirmed
By Sami Douenias, partner and Ilaria Palieri, manager, PwC Luxembourg   On 3 February 2015, the Court of Justice of the European Union (CJEU) gave its judgment(1) in the case of the European Commission v. the United Kingdom with regard to the compatibility with EU law of the amended UK legislation in the light of the Marks Spencer(2) (MS) principles on final losses.   The MS judgment has been a highly debated case among practitioners, mainly because it seemed to open the door to cross-border loss compensation. This is a very sensitive topic for many Member States, as it requires the State of the parent company to take into consideration the losses incurred by the subsidiary in another State.   However, the MS principle...
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