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Ageas adds 'final' €100M to Fortis settlement

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Ageas adds 'final' €100M to Fortis settlement

Ageas SA/NV said it will add a "final" amount of €100 million to reach an amended settlement between the company and a group of claimant organizations connected to civil proceedings relating to the former Fortis group over certain events that took place in 2007 and 2008, as both parties failed to reach an agreement regarding the matter.

Ageas, which earlier agreed to pay €1.20 billion to eligible Fortis shareholders as part of the original settlement, said it expects the additional amount to address the Amsterdam Court of Appeal's main concerns with regards to the settlement.

The company noted that it made a request to the court for an extension of the filing period, as the court previously gave both parties until Oct. 17 to submit a supplemented and amended agreement.

In June, the court did not declare the original settlement as binding as it raised concerns about the distribution of the €1.20 billion between active and nonactive claimants and the related compensations for the claimant organizations.