Fortis Settlement Update (November 2018): ‘Active Claimants’ entitled to a 25% premium on their recoveries

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

Learn More

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 learnmore@frtservices.com.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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