On October 7, 2015, the General Court of the European Union (Court) issued (judgment in French) its decision in Alessandro Accorinti and Others v. European Central Bank (ECB) and ruled that the ECB was not responsible for the losses of private investors resulting from the restructuring of Greece’s public debt. According to the press release, in February 2012 Greece reached agreements with both the ECB and national central banks as well as with private investors to exchange Greek debt instruments for new securities, which included a 53.5% “haircut” of the privately held securities. The private holders sued the ECB for their losses amounting to €12 million, arguing the ECB had “infringed the legitimate expectations of the private holders, the principle of legal certainty and the principle of equal treatment of private creditors.” The Court disagreed, finding that these theories were not applicable “in a field such as that of monetary policy, the objective of which involves constant adjustment to reflect changes in economic circumstances.” The Court stressed that the investors “were deemed to have knowledge of the highly unstable economic circumstances” and “could therefore not exclude the risk of a restructuring of the Greek public debt.” Addressing equal treatment, the Court rejected the creditor’s argument, noting that “the private savers or creditors and the ECB . . . were not in a comparable situation” as the ECB “was exclusively guided by public interest objectives, such as . . . the objective of safeguarding price stability and . . . the sound management of monetary policy,” whereas the private investors were pursuing a “purely private interest, namely obtaining a maximum return on their investments.”