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International Chamber of Commerce dismisses RBS claims against Belgium's Ageas

France's International Chamber of Commerce tribunal dismissed Royal Bank of Scotland Group Plc's claims against Ageas SA/NV, regarding an alleged indemnification promise made by the Belgian insurer to RBS in 2007.

In 2014, RBS launched an arbitration procedure against Ageas before the ICC, claiming an initial amount of €135 million, which was reduced to €75 million in the course of the proceedings.

The tribunal noted that its decision was final, except in the case of annulment proceedings based on a limited number of legal grounds, such as violation of the rights of defense in the arbitration proceedings.