Fortis Investors Fail To Block Insurance Units' Sale

By Ben James

Law360, New York (August 06, 2009, 8:05 PM ET) -- Shareholders arguing that their stakes in Fortis NV were unfairly nixed during a government-led carve-up of the financial giant have reportedly lost a bid to stop the Netherlands from selling off Fortis’ two Dutch insurance units.

The group, called FortisEffect, which sued the Netherlands in January, had its request to have Amsterdam’s commercial court freeze the sale of the insurance units denied Wednesday, Reuters reported.

Fortis was divvied up by the governments of Belgium, Luxembourg and the Netherlands in October 2008. The Dutch state shelled out...
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