Court of Appeal consents to class settlement with Fortis shareholders
History has been written. The largest settlement ever between a European company and investors.
Ageas, Fortis’ legal successor, can close a chapter. Ageas has entered into an agreement with dissatisfied shareholders of Fortis’ past, which the Court of Appeal ratified on Friday, 13 July 2018. It represents a class settlement involving EUR 1.3 million between the Belgian company, Ageas, on the one hand, and various claims groups which represent a large number of former Fortis shareholders, on the other.
Tens of thousands of shareholders of what was formerly Fortis will receive compensation. “After 10 years of legal proceedings, this is a tremendous result,” according to Adriaan de Gier, who has looked after the interests of 15,000 shareholders in this case through his Stichting FortisEffect. “It is anticipated that the first payments will also occur this calendar year but a good deal of work still needs to be done for this purpose.”
You can read more about the abandonment of a previous settlement involving EUR 1.2 billion and everything that preceded it on the website of FortisEffect.