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Tuca Zbarcea & Asociatii Obtains a Landmark Decision from the High Court of Cassation and Justice The High Court of Cassation and Justice allowed the final appeal lodged by Eureko SAFPP SA against Decision No. 39/2010 of the Competition Council under which Eureko SAFPP SA had been fined for an alleged cartel formed in 2007 on the market for the administration of mandatory private pension funds (Pillar II in Romania). A team of pleading and competition lawyers from Tuca Zbarcea & Asociatii represented Eureko SAFPP SA in its final appeal before the Supreme Court. Tuca Zbarcea & Asociatii represented Eureko SAFPP SA in its final appeal before the Supreme Court in the case of the private pension fund administrators v. the Romanian Competition Council. The High Court of Cassation and Justice allowed the final appeal lodged by Eureko SAFPP SA against Decision No. 39/2010 of the Competition Council under which Eureko SAFPP SA had been fined for an alleged cartel formed in 2007 on the market for the administration of mandatory private pension funds (Pillar II in Romania). On February 21st, 2013, the Romanian High Court of Cassation and Justice issued the first irrevocable decision in the case of pension funds sanctioned by the Competition Council, by which it finally annulled the 2010 Decision of the competition authority and overruled Court of Appeal’s earlier decision unfavorable to Eureko. In 2010, the Competition Council ordered a RON 5.2 million fine against 14 administrators of mandatory private pension funds (Pillar II of Romania). Nine of them challenged in court the decision of the Competition Council. According to Ioana Hrisafi, the Litigation Partner who argued before the Supreme Court, "this is the first irrevocable decision in the pension funds case and it will most probably have a direct impact on the other cases pending before the first instance and the final appeal courts." Moreover, Anca Jurcovan, a Managing Associate with the law firm, who covered the competition issues of the case, outlined its difficulties: “It was a challenge to dispute the extremely formal approach of the Competition Council’s 2010 decision. It was equally difficult to prove to the court, by determining the actual circumstances of the case and highlighting logical and economic arguments, that the practice sanctioned by the Competition Council could not, by its nature, affect market competition so as to make it to the black list”. Tuca Zbarcea & Asociatii’s practice in Dispute Resolution has been consistently ranked first by reputed publications, such as Legal 500. The firm’s litigation and arbitration practice group, comprising 40 lawyers, is one of largest in the country, advising on complex and high-profile matters, including civil, commercial and corporate issues, joint ventures and related business disputes, contentious administrative law (competition, fiscal, IP related cases), banking and finance, bankruptcy/liquidation and insolvency, insurance, labor, maritime, real estate, criminal law, ad-hoc domestic and international arbitration procedures under the Rules of Arbitration of the Court of International Arbitration of the Chamber of Commerce and Industry of Romania, ICC, UNCITRAL and ICSID. Tuca Zbarcea & Asociatii’s expertise in Competition/Antitrust received impressive recommendations from leading international publications. For the past six years, the firm has been recognised by Chambers Europe as the number 1 law firm in the Competition/Antitrust area, covering a broad range of competition issues including antitrust, domestic and cross-border transactions (mergers, acquisitions, joint ventures etc.), as well as State aid.
February 27, 2013
Ţuca Zbârcea & Asociaţii Obtains a Landmark Decision from the High Court of Cassation and Justice

The High Court of Cassation and Justice allowed the final appeal lodged by Eureko SAFPP SA against Decision No. 39/2010 of the Competition Council under which Eureko SAFPP SA had been fined for an alleged cartel formed in 2007 on the market for the administration of mandatory private pension funds (Pillar II in Romania). A team of pleading and competition lawyers from Ţuca Zbârcea & Asociaţii represented Eureko SAFPP SA in its final appeal before the Supreme Court. [+]

Ţuca Zbârcea & Asociaţii represented Eureko SAFPP SA in its final appeal before the Supreme Court in the case of the private pension fund administrators v. the Romanian Competition Council.

The High Court of Cassation and Justice allowed the final appeal lodged by Eureko SAFPP SA against Decision No. 39/2010 of the Competition Council under which Eureko SAFPP SA had been fined for an alleged cartel formed in 2007 on the market for the administration of mandatory private pension funds (Pillar II in Romania).

On February 21st, 2013, the Romanian High Court of Cassation and Justice issued the first irrevocable decision in the case of pension funds sanctioned by the Competition Council, by which it finally annulled the 2010 Decision of the competition authority and overruled Court of Appeal’s earlier decision unfavorable to Eureko.

In 2010, the Competition Council ordered a RON 5.2 million fine against 14 administrators of mandatory private pension funds (Pillar II of Romania). Nine of them challenged in court the decision of the Competition Council.

According to Ioana Hrisafi, the Litigation Partner who argued before the Supreme Court, "this is the first irrevocable decision in the pension funds case and it will most probably have a direct impact on the other cases pending before the first instance and the final appeal courts."

Moreover, Anca Jurcovan, a Managing Associate with the law firm, who covered the competition issues of the case, outlined its difficulties: “It was a challenge to dispute the extremely formal approach of the Competition Council’s 2010 decision. It was equally difficult to prove to the court, by determining the actual circumstances of the case and highlighting logical and economic arguments, that the practice sanctioned by the Competition Council could not, by its nature, affect market competition so as to make it to the black list”.

Ţuca Zbârcea & Asociaţii’s practice in Dispute Resolution has been consistently ranked first by reputed publications, such as Legal 500. The firm’s litigation and arbitration practice group, comprising 40 lawyers, is one of largest in the country, advising on complex and high-profile matters, including civil, commercial and corporate issues, joint ventures and related business disputes, contentious administrative law (competition, fiscal, IP related cases), banking and finance, bankruptcy/liquidation and insolvency, insurance, labor, maritime, real estate, criminal law, ad-hoc domestic and international arbitration procedures under the Rules of Arbitration of the Court of International Arbitration of the Chamber of Commerce and Industry of Romania, ICC, UNCITRAL and ICSID. 

Ţuca Zbârcea & Asociaţii’s expertise in Competition/Antitrust received impressive recommendations from leading international publications. For the past six years, the firm has been recognised by Chambers Europe as the number 1 law firm in the Competition/Antitrust area, covering a broad range of competition issues including antitrust, domestic and cross-border transactions (mergers, acquisitions, joint ventures etc.), as well as State aid.

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Dutch Insurance Group Aegon Takes Over Eureko’s Portfolio of Private Pensions and Life Insurance Tuca Zbarcea & Asociatii announces the closing of the takeover of Eureko’s portfolio of private pensions and life insurance, advising its client, Aegon. The transaction is set to close in the second half of 2013, pending regulatory approval. Tuca Zbarcea & Asociatii announces the closing of the takeover of Eureko’s portfolio of private pensions and life insurance, advising its client, Aegon. The transaction is set to close in the second half of 2013, pending regulatory approval. After the takeover of Eureko Romania’s operations, Aegon will become the third largest provider of pensions in the country, reaching approximately 650,000 members. Meanwhile, the life insurance portfolio will become one of the ten largest on the Romanian market. The legal team involved in this transaction was led by Silvana Ivan, Partner, along with Horia Ispas and Ciprian Timofte, all playing a key role in the project. “It has been a complex transaction, covering both insurance and pensions areas and which finalized after more than 6 months of negotiations. We are currently assisting Aegon in relation to obtaining the regulatory clearance on this deal. The taking over Eureko’s portfolios represents one of the largest transactions in the life insurance and private pensions (Pillar II and III) in Romania, marking an already visible trend regarding the operational consolidation and extensions of the key market players”, Silvana Ivan declares. This transaction is an outcome of the strategy Achmea has announced early 2012, that of selectively developing the group’s international operations.
February 4, 2013
Dutch Insurance Group Aegon Takes Over Eureko’s Portfolio of Private Pensions and Life Insurance

Ţuca Zbârcea & Asociaţii announces the closing of the takeover of Eureko’s portfolio of private pensions and life insurance, advising its client, Aegon. The transaction is set to close in the second half of 2013, pending regulatory approval. [+]

Ţuca Zbârcea & Asociaţii announces the closing of the takeover of Eureko’s portfolio of private pensions and life insurance, advising its client, Aegon.

The transaction is set to close in the second half of 2013, pending regulatory approval.

After the takeover of Eureko Romania’s operations, Aegon will become the third largest provider of pensions in the country, reaching approximately 650,000 members. Meanwhile, the life insurance portfolio will become one of the ten largest on the Romanian market.

The legal team involved in this transaction was led by Silvana Ivan, Partner, along with Horia Ispas and Ciprian Timofte, all playing a key role in the project.

“It has been a complex transaction, covering both insurance and pensions areas and which finalized after more than 6 months of negotiations. We are currently assisting Aegon in relation to obtaining the regulatory clearance on this deal. The taking over Eureko’s portfolios represents one of the largest transactions in the life insurance and private pensions (Pillar II and III) in Romania, marking an already visible trend regarding the operational consolidation and extensions of the key market players”, Silvana Ivan declares.

This transaction is an outcome of the strategy Achmea has announced early 2012, that of selectively developing the group’s international operations.

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