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By Amandine Cloot
The settlement, approved by the Dutch courts on Friday, concerns a record deal in Europe of 1.3 billion euros.
L 'seemingly endless story, so had one. Nearly 10 years after the fall of Fortis, 200,000 ex-small shareholders will recover some of their losses, due to the bankbadurer's fall.
On Friday, the Amsterdam Court of Justice declared "binding and binding" the settlement negotiated between Ageas, the heir insurer of the file (because legal successor of Fortis Bank), still listed on the Brussels market and the various representatives of the small holders, including the specialized firm Deminor.
Transaction record
All to sign a record transaction in Europe: 1.3 billion euros will be redistributed. The end of the tunnel for those who had started civil proceedings already in 2008. What they criticized the former management of Fortis? Misrepresentation in 2007 and 2008 of the risks badociated with the acquisition of the Dutch bank ABN Amro and the group's exposure to subprime mortgages
As a reminder, a settlement proposal had already been submitted to the Dutch courts in March 2016 … and rejected, to everyone's surprise, last June by the Amsterdam Court of Appeal. Reason: Discrimination between shareholders who have initiated legal proceedings and those who have remained inactive. The transaction provided that in fact 800 million euros are returned to shareholders who sued Fortis and 400 million to others who would come forward. According to the Court, the problem is that the parties that have sued represent only a quarter of the actions concerned. The Dutch courts were therefore opposed to two specific points: the distinction between badets and non-badets and the discrimination arising from the difference in the compensation received by these two parties. The new version proposes a more egalitarian distribution, for a total inflated amount of 100 million euros by Ageas.
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