The settlement involves an amount of over 1.2 billion, the company said Monday. The insurer was able to make arrangements with legal consultancy Deminor Foundation FortisEffect Stichting Investor Claims Against Fortis (SICAF) and the Association of Stockholders (VEB).
“Today Ageas agreed to pay about 1.204 million euros to shareholders for compensation eligibility, without admitting to have done something wrong, “writes the insurer in a press statement.
Capital Position
the Belgian-Dutch banking and insurance group Fortis took over the Dutch parts of ABN AMRO in 2007. This capital position was so weakened that the company was unable credit crisis that shortly thereafter erupted cope.
In October 2008, the Dutch operations were nationalized, while the Belgian banking activities were sold to BNP Paribas . The remainder of the financial group involved as an insurer under the name Ageas. Shareholders saw their holdings dramatically lower value.
Fortis would have had mismanagement and investors have been misled by withholding information about the weak capital position behind.
Binding
the parties are trying to ensure that the settlement is binding upon all shareholders of the former Fortis. This is presented to the court in Amsterdam.
Only when the agreement states generally binding, the amount available to be distributed among the victims. That could take a half to two years.
Shareholders who between February 28, 2007 and October 14, 2008 were in possession of Fortis shares are eligible for compensation.
Fair
CEO Bart De Smet Ageas speaks of a “fair and reasonable settlement” for shareholders affected by the events in 2007 and 2008.
“We hope that those who qualify will be satisfied with the outcome and that Ageas and all stakeholders will help draw a line under what was an uncertain and difficult period for everyone, “says De Smet.
” the agreement presented today is the result years of discussions and negotiations between the parties. We support this solution fully “reacted partners Charles Demoulin and Pierre Nothomb of Deminor.
Right
Arco Warrior Foundation FortisEffect calls it a” fantastic result that does justice to the interests of both former and current shareholders. “
” the settlement announced today is an important step towards compensation for tienduizenden aggrieved shareholders” says director Paul Koster of VEB.
He hopes that the members of the VEB agree with him that “this settlement was worth waiting for.”
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