Fortis settlement not declared binding in current format and Court offers opportunity for amendments
June 16 2017 - 3:45PM
Today the
Amsterdam Court of Appeal issued an interim decision in relation to
the request made by Ageas, Stichting FORsettlement and the claimant
organisations (i.e. the Dutch investor association VEB, Stichting
Investor Claims Against Fortis (SICAF), Stichting FortisEffect and
Deminor) (together, the "Petitioners") to declare the Fortis
settlement entered into on 14 March 2016 binding.
At this stage the Court has not
declared the settlement binding. The main concern of the Court
relates to the distribution of the settlement amount of
EUR 1.2 billion between Non-Active Claimants and Active
Claimants and the related compensations for the claimant
organisations.
The Petitioners have been offered
the opportunity to submit to the Court a supplemented and amended
agreement by 17 October 2017 at the latest.
Ageas will consult with the other
Petitioners and will communicate as soon as possible.
Bart De Smet, CEO Ageas,
commented: "Obviously we are disappointed. The
Court did not question the provisioned settlement amount of
EUR 1.2 billion, but the distribution of the settlement amount
between the various stakeholders. In the coming months, together
with the claimant organisations, we will try to find a solution for
the Court's objections."
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
products that meet their specific needs, not just for today but
also for tomorrow. Ageas, one of the largest insurance companies in
Europe, is mainly active in Europe and Asia, which together make up
the majority of the global insurance market. Through a combination
of wholly owned subsidiaries and long term partnerships with strong
financial institutions and key distributors, Ageas operates
successful insurance businesses in Belgium, the UK, Luxembourg,
France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand,
Vietnam, Laos, Cambodia, Singapore, and the Philippines. In most of
the countries where it operates, Ageas is among the market leaders.
Ageas has more than 40,000 employees, and inflows amounted to
around EUR 32 billion (all figures at 100%) in 2016.
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Source: Ageas via Globenewswire
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