Investors in SNS Reaal which was nationalised earlier this month, are to appeal to the Council of State now the government has said they cannot claim damages by alleging the company was mismanaged.

Finance minister Jeroen Dijsselbloem said at the time shareholders would not be compensated for their losses because the shares would have been worthless if the financial services group was allowed to go bankrupt.

He also said shareholders would not be able to claim cash on the basis that the company had been mismanaged. But legal sources have told the Financieele Dagblad the shareholders’ protest has a good chance of success.

A number of organisations and individuals are taking legal action against the minister’s decision to expropriate shares without compensation.

On Friday, the Council of State will consider appeals from shareholders’ lobby group VEB and FNV trade union, which is owed €20m by SNS.