Amsterdam Court of Appeal declared €1.3 billion Fortis collective settlement binding – will the critical observations of the Court have an impact on future use of the WCAM?

Introduction and background of the case On 13 July 2018, the Amsterdam Court of Appeal approved the collective settlement reached in the Dutch mass claims litigation between Ageas (Fortis’ legal successor) and several commercial and non-profit claimant organisations acting on behalf of shareholders of the former Dutch/Belgian banking and insurance group Fortis. Therewith, the settlement agreement becomes binding upon all … Read more

A redundancy payment scheme for a bank manager and court’s obligation to apply statutory provisions ex officio

What if an agreement between parties is in violation of a statutory provision, but the parties do not raise this point in proceedings? Should the court ascertain this violation ex officio and determine whether the contract is void or valid nonetheless (which may be the case under Dutch contract law)? This question was recently submitted to the Dutch Supreme Court … Read more

EU top court on international jurisdiction in tort cases: localising pure financial loss, continued

Introduction On 12 September 2018, the Court of Justice of the European Union (CJEU) confirmed that in prospectus liability cases, a court can only assume international jurisdiction on the basis that the alleged damage consists of purely financial loss which occurred directly in an investor’s bank account held with a bank established within its jurisdiction if additional specific circumstances also … Read more

Stibbe Litigators participate in consultation draft bill to modernise the law of evidence

Members of Stibbe’s Commercial Litigation practice group have participated in the public consultation of a draft bill to modernise and simplify the law of evidence in civil procedure. An overview of the draft proposal was provided previously on this blog by Petra Vos and Daan Barbiers. The main goal of the draft bill is to enhance truth seeking in civil … Read more

A proposal to fundamentally change the law on evidence in Dutch civil procedure

Introduction On 31 May 2018 Dutch Minister Dekker published a draft bill for consultation that primarily aims to modernise and simplify the law of evidence within Dutch civil procedure. The draft bill draws heavily on a report dated 10 April 2017 from the expert group on the modernisation of law of evidence. The Dutch Bar Association has since published an … Read more

Can an SPV be misled before it exists?

Transactions are regularly structured through special purpose vehicles (SPVs). An SPV is often established at the end of the negotiations, just before signing the agreement. The other party to the agreement provides information and raises certain expectations during the negotiations. The individuals negotiating for the SPV do not necessarily become officers of the SPV once it is established. Examples of … Read more