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Report: Former Fortis directors will no longer face trial

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Report: Former Fortis directors will no longer face trial

Seven former directors of Belgian insurer Fortis, now known as Ageas SA/NV, who were charged with knowingly providing overoptimistic information to shareholders during the global financial crisis, will no longer face trial, as prosecutors concluded that not enough evidence was found against them, Reuters reported Dec. 20.

Prosecutor Ine Van Wymersch reportedly said that to prove fraud, they must show that the accused knowingly attached extremely low risk to the sub-primes, or were too positive, but said it was "difficult to say that they should have known better."

The Amsterdam Court of Appeals ruled July 13 in favor of the Belgian insurer launching a €1.3 billion settlement with U.S. and European investors.

The seven ex-directors, which included ex-chairman Maurice Lippens and ex-CEO Jean-Paul Votron, would have been the first in the country to face trial over banking failures during the crisis, the report noted.