Earlier this year, the Amsterdam Court of Appeal approved the record-setting settlement reached between Ageas SA/NV (the successor to Belgo-Dutch bank-insurer Fortis) and multiple claimant groups. The settlement was first agreed upon in March 2016 where Fortis and several shareholder organizations reached a collective settlement providing €1.204 billion (roughly $1.3 billion) to harmed investors. Although there was a lengthy mediation process with a series of adjustments at the Court’s suggestion – including to raise the settlement by an additional €100 million – before it was finally approved, the Fortis settlement represents the largest class action under the Dutch collective settlement procedures (learn more about Dutch Foundations).
The claimant group, Grant & Eisenhofer and its co-counsel, brought the largest damages claim consisted of approximately 180 institutional investors. ‘Active Claimants’, shareholders who initiated (or joined organizations that had initiated) timely proceedings against Ageas, are not only expected to receive a larger portion of the settlement amount than Non-Active Claimants, those who had not taken those steps, but are entitled to a 25% premium on their recoveries over Non-Active Claimants.
As we mentioned in our July Update (link), investors who file early (prior to 31 December 2018) will receive early distribution of 70% of their compensation. Distributions to Non-Active Claimants and the final distribution of the remaining funds to Active Claimants are anticipated in the latter part of 2019.
Important dates and deadlines
- 27 July 2018: Notice of binding declaration sent to all known Eligible Shareholders
- 28 July 2018: Claim Filing Begins – FRT begins to file for clients impacted by this case
- 31 December 2018:
- Opt-Out Deadline
- Early Filing Deadline – Investors who file prior to this date will receive early distribution of 70% of their compensation
- 28 July 2019: Claims Filing Deadline – deadline for submitting Claims Forms
For more details including case background, timing and how to file for this case or FRT Global Group Litigation service, please contact your FRT representative or email us at email@example.com.
- Case Updates:
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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