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Ageas waives termination right in Fortis settlement

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Ageas waives termination right in Fortis settlement

Belgian insurer Ageas SA/NV has waived its termination right in the €1.3 billion Fortis settlement.

The Amsterdam Court of Appeals ruled July 13 in favor of Ageas against U.S. and European investors, bringing an end to a seven-year legal battle that claimed that senior management misled investors during the deal to buy Dutch bank ABN AMRO in 2007.

The company said about 200,000 claims have been received by Computershare, the independent claims administrator, to date. Claims processing and payment will need to be handled in batches because of the very high volume of claims received. More than 60,000 claims have already been approved for early payment of 70% of the compensation for an aggregated amount of approximately €400 million.

The next payout to claimants who submit a complete claim including the necessary supporting evidence by Dec. 31 at the latest is scheduled to take place before the end of 2018, followed by another payout during the first quarter of 2019. Claims can still be filed by July 28, 2019.