Updated: July 13, 2018
Status: Settled Case
Labaton Sucharow represents injured investors as liaison counsel in this Belgian securities action against Dutch/Belgian bank/insurer Fortis (n/k/a Ageas SA/NV). The allegations against Fortis involve misrepresentations made surrounding its 2007 acquisition of ABN AMRO Holding NV, and the September 2007 Rights Issue used to finance that transaction. The actions claimed that Fortis repeatedly misled investors as to the real value of its book of collateralized debt obligations and the extent of its exposure to subprime mortgage-backed securities.
Using a Dutch settlement foundation, the claimants and Ageas ultimately agreed to settle the claims for €1.3 billion. This is the largest non-U.S. securities action settlement in history. The Amsterdam Court of Appeal granted final approval to the settlement on July 13, 2018. Settlement proceeds are in the process of being distributed.