The year in review
The New Legislation facilitates collective redress in the form of an opt-out mechanism for Dutch claimants, and an opt-in mechanism for foreign claimants. It provides mechanisms for reaching a class settlement similar to the procedure for a WCAM settlement. In Section III.ii, we discuss the existing collective action legislation, and highlight the amendments made by the New Legislation.
In 2016, Ageas and a number of representative organisations submitted a request to a Dutch court to declare binding a global settlement agreement covering all securities litigation regarding the former Fortis group for events that occurred in 2007 and 2008. These events relate, among other things, to the acquisition of parts of ABN AMRO. In July 2018, the court declared the revised global settlement in the Ageas case binding after having handed down two interim decisions. On 1 January 2019, the Netherlands Commercial Court (NCC) and the Netherlands Commercial Court of Appeal (NCCA) opened its doors. The NCC and NCCA offer the possibility to litigate in international business disputes (including mass claims) in English before the Amsterdam District Court and the Amsterdam Court of Appeal, making litigation about international mass claims more efficient, effective and attractive.