Brussels — Ryanair Holdings notched up the first wins in its campaign to topple billions of euros of Covid-19 bailouts for rival carriers after EU judges faulted EU regulators for failing to properly check whether aid was justified.

On Wednesday, the EU general court, the bloc’s second-highest tribunal, overturned the European Commission’s approval of a €3.4bn Dutch subsidy to Air France-KLM and €1.2bn offered by Portugal to TAP Air Portugal...

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