05:35 – Fortis – D-Day again for Fortis shareholders

Nearly 10 years after the collapse of the belgian-dutch bancbadurer Fortis, injured shareholders may recover some of their losses. The court of justice pronounces indeed this Friday, after the closing of the markets, on the binding character or not of the Fortis regulation. This regulation, the largest of its kind in Europe, saw Ageas, the legal successor of Fortis Holding, put 1.3 billion euros on the table to definitively settle this case inherited from the dismantling of Fortis in 2008.The procedure before the Dutch court aims to declare binding the transaction agreement negotiated between Ageas and badociations representing shareholders, including Deminor. This is already the second attempt of this type. A first proposal for a regulation was declared non-binding last year by the Dutch courts. The Dutch judges had disapproved of the nice allowances in favor of Deminor as well as the difference between the so-called "active" and "non-active" shareholders. Months of negotiations enabled Ageas and the shareholder badociations to amend the proposal for a regulation, which was joined by the Dutch organization Consumentenclaim. It is estimated that around 200,000 injured shareholders are eligible for compensation. If they accept it, they will have to commit to no longer taking legal action on this issue. If so, Ageas could pay the first amounts again this year. The amount to be paid will ultimately depend on the number of applications actually lodged. (Belga)

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