Brussels court backs small Fortis shareholders
A Belgian appeals court has ruled that Fortis shareholders can request compensation from the Belgian and Dutch states.
BRUSSELS - The case had been brought by 2,000 small shareholders whose stocks plummeted in the wake of the bank's breakup.
In early October Fortis Netherlands and ABN Amro were taken over by the Dutch state, with the Belgian government selling the bank's Belgian branches to BNP Paribas.
The court backed the shareholders' demand that they should have been consulted. The ruling says the decisions taken by Fortis still have to be approved by the shareholders.
The Dutch finance ministry says the Belgian ruling should have no consequences for the Netherlands as the state followed Dutch rules during the take-over. It also notes that Fortis would have gone bankrupt without its intervention.
[Radio Netherlands / Expatica]