DutchNews.nl - Former Fortis bosses in court in May, June

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Former Fortis bosses in court in May, June

Friday 12 March 2010

Former Fortis CEO Jean-Paul Votron is set to appear in court in May in connection with a damages claim brought by former Fortis investors, the Volkskrant reports on Friday.

A number of investors are preparing to sue Fortis for the share price collapse following the partial take over of ABN Amro.

On Wednesday, the financial services regulator AFM announced it had fined the former Fortis group a total €576,000 for market manipulation and failing to publish price-sensitive information during the takeover.

Two fines relate to statements by then Fortis CEO Jean-Paul Votron on June 5, 2008 when he said Fortis' solvency was 'on target' and 'strong'. A month later, the financial services group announced plans to issue new shares, sell off units and slash its dividend.

Court dates

'This is a great excuse for a party,' lawyer Hendrik Jan Bos, who is suing Fortis on behalf of seven investors, told the Financieele Dagblad.

The Volkskrant says Votron is set to appear in court on May 21 in connection with the case brought by Bos. Former chairman Maurice Lippens will appear on June 8 and CFO Gilbert Mittler on June 11. Other legal claims are also pending.

The paper says the trio have already asked the court to direct all damages claims at the holding company itself.

However, on Wednesday, Fortis Holding said it would contest the freedom from liability clause which was included in the trio's pay-off package, the Financieele Dagblad reported.

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Readers' comments

Votron, Lippens en Mittler must punished as follows:
1.refunding of 4 years of bonussen and other perks;
2.3 years jail

By Alfred van Dam | March 13, 2010 9:51 AM