Ageas (formerly Fortis) launched an EUR 13 billion rights issue in September 2007 to finance its takeover of ABN AMRO. The Netherlands Authority for the Financial Markets (AFM) levied a fine on Fortis for allegedly providing incomplete information regarding its EUR 8.7 billion portfolio of structured credits exposed to subprime, in the prospectus and a trading update published prior to the rights issue. This has also led to various legal actions instituted against Fortis/Ageas, including an allegedly multibillion euro claim for damages by shareholder representatives.
On 14 February 2014, the highest administrative law Court in the Netherlands (College van Beroep voor het bedrijfsleven; CBb) quashed the AFM ruling and the fines levied by it. The CBb has ruled that the risk-assessment of Fortis in respect of the portfolio was not unreasonable at the time and that for that reason Fortis has not violated her obligations to publish price-sensitive information. As the CBb is the highest administrative law court of the Netherlands its decision is final and not subject to any appeal.