Ageas announces additional support for the Fortis settlement
(Thomson Reuters ONE) -
Today Ageas announces that it has reached an agreement with Mr. Laurent Arnauts,
the Brussels based attorney who launched a number of legal actions related to
the Fortis events of 2007 and 2008. Mr. Arnauts has confirmed, in agreement with
his clients, that he will join the global settlement that Ageas reached on 14
March 2016 with Deminor, Stichting FortisEffect, SICAF and VEB, in connection
with all the civil proceedings related to the former Fortis group.
Ageas welcomes the position of Mr. Arnauts as it increases the chances of a
successful outcome of the global settlement.
Mr. Arnauts' endorsement of the settlement does not impact the size of the
settlement. An amount of
EUR 1,204 million has been agreed on to compensate eligible shareholders. The
agreed upon compensation criteria are also unchanged and will apply equally to
the claimants represented by
Mr. Arnauts.
As also agreed with the other claimants' organisations participating in the
settlement, Ageas will compensate Mr. Arnauts for the expenses incurred by his
clients in the various proceedings he has already initiated in connection with
the 2007 and 2008 Fortis events. Mr Arnauts will suspend his pending civil
proceedings, as well as his involvement in the criminal case.
Ageas CEO Bart De Smet comments: "We are pleased that in addition to the
claimants' organisations, Mr. Arnauts and his constituents have decided to
support the settlement which substantially improves the chance to come to full
and final closure of these long outstanding and painful disputes."
Laurent Arnauts: This global settlement is a first in Europe in the aftermaths
of the financial crisis, and as such is worth appraisal. It dramatically changes
the judicial playground. I am very satisfied that by providing such support, my
clients will be in the best possible position to opt into the settlement if they
wish to do so. Many of them still holding Ageas shares, they may expect added
value from a clean reboot too."
For all relevant information about the settlement and the related proceedings we
refer to the dedicated website FORsettlement.com. Any questions regarding this
settlement should be sent to: info(at)forsettlement.com.
Ageas is a listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow. As one of
Europe's larger insurance companies, Ageas concentrates its activities in Europe
and Asia, which together make up the major part of the global insurance market.
It operates successful insurance businesses in Belgium, the UK, Luxembourg,
France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and
the Philippines through a combination of wholly owned subsidiaries and long term
partnerships with strong financial institutions and key distributors.
Ageas ranks among the market leaders in the countries in which it operates. It
represents a staff force of over 40,000 people and reported annual inflows close
to EUR 30 billion in 2015 (all figures at 100%).
Pdf version of the press release:
http://hugin.info/134212/R/2013800/746411.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via GlobeNewswire
[HUG#2013800]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2016 - 07:45 Uhr
Sprache: Deutsch
News-ID 472190
Anzahl Zeichen: 4154
contact information:
Town:
Brussels
Kategorie:
Business News
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"Ageas announces additional support for the Fortis settlement"
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