Fortis settlement not declared binding in current format and Court offers opportunity for amendments
(Thomson Reuters ONE) -
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.
Pdf version press release:
http://hugin.info/134212/R/2113929/804218.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: 16.06.2017 - 21:45 Uhr
Sprache: Deutsch
News-ID 548416
Anzahl Zeichen: 3028
contact information:
Town:
Brussels
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Fortis settlement not declared binding in current format and Court offers opportunity for amendments"
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