Ageas announces next step in Fortis settlement procedure: public hearing
(Thomson Reuters ONE) -
On 24 March 2017, the Amsterdam Court of Appeal will organise a public hearing
as part of the procedure to declare the Fortis settlement agreement of 14 March
2016 binding.
On March 14, 2016, Ageas and the claimants' organisations, Deminor, Stichting
FortisEffect, Stichting Investor Claims Against Fortis (SICAF), and Dutch
shareholder Association VEB (the "Parties") announced that they had reached a
settlement agreement with respect to all civil proceedings related to the former
Fortis group for the events in 2007 and 2008 (see press release 014).
Ageas agreed to pay a global amount of EUR 1,204 million to 'Eligible
Shareholders', in accordance with the terms of the settlement agreement, without
admitting any wrongdoing. On 23 May 2016, the Parties filed a request with the
Amsterdam Court of Appeal to declare the settlement binding based on the Dutch
Act on Collective Settlement of Mass Claims (Wet Collectieve Afwikkeling
Massaschade, "WCAM") (see press release 037).
The Amsterdam Court of Appeal has now fixed 24 March 2017 as the date for a
public hearing as part of the WCAM procedure to declare the Fortis settlement
agreement of 14 March 2016 binding. Although attendance is not mandatory to
preserve all rights in the settlement, potentially interested parties can
register to attend the hearing at the Amsterdam Court of Appeal.
Formalities for attending can be found on FORsettlement.com. Potential
beneficiaries will be notified of the hearing by letter or e-mail if their
contact details are known to Ageas and/or the claimants' organisations mentioned
above. Furthermore, there will be a general notification of the hearing via
publications in various print and online media.
Next steps:
Following this public hearing the Court will decide on whether the settlement is
binding. This decision is expected by mid-2017.
Upon notification that the settlement is binding, potential beneficiaries will
be able to submit claim forms for compensation with the claims administrator for
a period of twelve months. Alternatively, during a period to be determined by
the Court, potential beneficiaries will be given the opportunity to opt-out of
the settlement.
If the opt-out ratio is below the 5% threshold, the settlement agreement will be
binding to all Eligible shareholders. If the opt-out ratio exceeds 5%, Ageas has
the right (but not the obligation) to terminate the settlement agreement without
settling.
Questions?
More information about the settlement and action to be taken by potential
beneficiaries can be found on the website FORsettlement.com. Documents relating
to the case will also be available on the Court's website:
www.rechtspraak.nl/uitspraken-en-nieuws/bekende-rechtszaken.
Questions can be submitted via the dedicated mailbox: info(at)forsettlement.com or
via toll free call centre phone numbers:
Ageas:
* Belgium: 0800 26 83 2
* The Netherlands: +31 30 25 25 359
* International: +32 (0)2 557 59 00
Claimants' organisations:
* Deminor: +32 (0)2 674 71 33 or drs(at)deminor.com
* VEB The Netherlands: +31 70 313 00 00
* FortisEffect: +31 (0)6 45 32 45 88 or info(at)fortiseffect.nl
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/2044707/763599.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.09.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 497103
Anzahl Zeichen: 5187
contact information:
Town:
Brussels
Kategorie:
Business News
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"Ageas announces next step in Fortis settlement procedure: public hearing"
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