Fortis - now Ageas – and its former CEO and CFO have been found liable for the alleged disclosure of misleading information on Fortis's solvency during the period 22 May to 26 June 2008.
The District Court of Utrecht, which ruled on the case, considered that they acted unlawfully towards investors who had relied on the information while investing in the company. The District Court ruled that the CFO was liable for statements made during an Investor Day and in a press release issued the following day. The CEO was found liable for statements not only made by him, but also made on behalf or by Fortis during the period in question. The non-executive chairman of the managing board was not found liable given that his role was mainly a supervisory one and he was not involved in Fortis's day-to-day business. According to the District Court, the chairman himself had not made any incorrect statements and was more removed from day-to-day management.
Further proceedings will follow to assess damage suffered by investors. Ageas has indicated that it will appeal the District Court's decision.
District Court of Utrecht 15 February 2012 (Ageas, LJN: BV3753)
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