ABN Amro threatened with class action

1st May 2007, Comments 0 comments

1 May 2007, AMSTERDAM – Investment company and ABN Amro shareholder Halpert Enterprises has brought a class action suit against the bank. It hopes to reverse the agreement on a merger with Barclays and the decision to sell US subsidiary LaSalle.

1 May 2007

AMSTERDAM – Investment company and ABN Amro shareholder Halpert Enterprises has brought a class action suit against the bank. It hopes to reverse the agreement on a merger with Barclays and the decision to sell US subsidiary LaSalle.

The bank's leadership is being accused of failure in its duties, press agency Reuters reported on Tuesday.

The suit was filed in a New York court on Friday. ABN Amro has been brought before the Enterprise Chamber of the court in the Netherlands as well.

The Dutch Investors' Association (VEB) argued before the judge on Saturday that the shareholders should have been consulted before the decision was made to sell LaSalle. The Dutch court will rule on Thursday.

The formal charge that Halpert Enterprises has filed reads that "the proposed sale is wrongful, unfair and harmful to ABN's public stockholders, and represents an effort by defendants to aggrandise their own financial position and interests at the expense of and to the detriment of ABN's public stockholders."

[Copyright Expatica News 2007]

Subject: Dutch news

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