• Company
  • Description
  • Recovery Amount
  • Fortis
  • Fortis
  • $1.5 billion

 

The Netherlands

G&E reached a $1.5 billion (€1.3 billion) settlement—the largest in European history—resolving claims under the laws of the Netherlands in a case against Fortis, N.V. and Fortis SA/NV (now called Ageas N.V./S.A.) for materially misleading investors by disseminating inaccurate and incomplete information about its solvency status, and its exposure to the U.S. subprime market in the run-up to Fortis’ purchase of ABN Amro Bank. G&E represented over 180 institutional investors with more than 80 million shares, which was more than 3.5 percent of the Fortis shares that were outstanding at the end of 2008. After seven years of litigation in Dutch and Belgian courts, and months of intense mediation on behalf of at least four different claimant groups, a record settlement of $1.5 billion was reached, exceeding all but a few securities class action settlements in the United States.