Amsterdam appeal court has ruled that ABN Amro and Goldman Sachs were negligent during the bourse launch of Dutch internet company World Online in 2000. The share price collapsed shortly after the launch when it emerged owner Nina Brink had sold her shares before the IPO.
World Online had also been too optimistic in a number of press releases about the company’s value, the court said. ABN Amro and Goldman Sachs had not done enough to counteract misleading impressions.
The ruling opens up the way for damages claims. The VEB shareholders lobby group says investors lost out to the tune of €3bn because of the scandal. WorldOnline was taken over by Tiscali in late 2000.
Later today, the company court is due to rule on ABN Amro’s snap decision to sell LaSalle to Bank of America.
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