Fortis Case Confirms Viability Of Dutch Settlement Law
Law360 (July 27, 2018, 1:39 PM EDT) -- The Amsterdam Court of Appeal has approved a €1.3 billion ($1.5 billion) collective settlement of claims asserted on behalf of shareholders of the former Fortis (now Ageas). The July 13, 2018, decision again shows that the Dutch Act on Collective Settlement of Mass Claims, or WCAM, can be used to resolve transnational disputes regardless of whether those claims could be litigated adversarially on a classwide basis in the Netherlands or elsewhere. However, some plaintiffs attorneys have raised questions about whether the court’s treatment of attorneys’ fees might reduce incentives for large shareholders to initiate WCAM settlement procedures.
The proposed settlement...
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