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Dutch Decision Makes Inroads Toward Collective Binding Settlements in Europe by Beata Gocyk-Farber
Bernstein Litowitz Berger & Grossmann LLP - New York Office
Lauren McMillen
Bernstein Litowitz Berger & Grossmann LLP - New York Office
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September 16, 2009
Previously published by The Advocate for Institutional Investors: European Supplement, Third Quarter 2009 on October 2009
A recent Dutch decision approving a binding collective settlement of securities fraud claims presents a potential roadmap for the administration of future class settlements on behalf of
¿foreign-cubed¿ plaintiffs who have difficulty establishing jurisdiction within the US courts. On May 29, 2009, the Court of Appeal of Amsterdam approved a landmark $381 million
agreement between Dutch company Royal Dutch Shell (¿Shell¿) and its non-US investors in settlement of those investors¿ securities fraud claims arising from allegations that Shell
had overstated its oil and gas reserves.
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