Victory for Skandia in EC Court of Justice
New victory for Skandia in European Court of Justice - "five per cent rule" declared invalid In a decision announced today in plenary session, the European Court of Justice ruled that Sweden's so-called five per cent rule is in violation of EC law. Since EC law takes precedence over Swedish law, the European Court of Justice's ruling has immediate effect in Sweden. The five per cent rule, which was adopted in 1948, entailed that for investment purposes, Swedish insurance companies could not own more than five per cent of the voting rights in another limited liability company. The rule has