The collapse of stockbroker and market-maker Van der Moolen in 2009 was due to bad management by its executives and supervisory board, the Amsterdam company court said on Friday.

The investigation into potential maladministration was called for by the investors’ organisation VEB and major shareholder ASR Nederland. The successful outcome clears the way for damages claims.

The 117-year-old firm filed for bankruptcy on September 10, 2009, blaming big losses in the US, unsuccessful new initiatives like Online Trader, decreasing revenues in connection with the financial crisis and a cost pattern that structurally exceeded benefits.