The nationalisation of the Dutch parts of Fortis in 2008 was legal, Amsterdam court ruled on Monday.
ABN Amro Bank, Fortis Bank Nederland and insurance group ASR were nationalised during the financial crisis, angering investors who argue the government failed to give them a say and the price paid – €16.8bn – was not based on the real value.
However, the court ruled that ‘drastic measures’ were ‘inevitable’ and that the action taken by the state was prudent and in the interest of shareholders.
The two shareholders lobby groups, VEB and Deminor, which took the state to court, say they are disappointed in the verdict. They have three months to decide whether or not to appeal.
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