ECJ ruling on banking secrecy is good news - but not a ground-breaking victory 17 Jul 15
The Court of Justice of the European Union has issued its decision in Coty Germany GmbH v Stadtsparkasse Magdeburg (Case C-580/13), which explores the limits of banking secrecy within the context of the right to information under Article 8(3)(e) of the IP Rights Enforcement Directive (2004/48/EC). In a move that will be welcomed by brand owners struggling to find the source of counterfeit products, the ECJ ruled that Article 8(3)(e) precluded a national rule that allowed banks to invoke banking secrecy unconditionally to reject requests for information. However, as one commentator told Word Trademark Review (WTR), this does not mean that rights holders’ interests trump data protection or banking secrecy laws per se.
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