Brussels Commercial Court Rejects Prospectus Liability Claim Filed Against Analysis Group Client Ageas SA/NV

March 3, 2016

The Brussels Commercial Court recently ruled on February 1, 2016, that a prospectus issued by the Fortis SA/NV (Bel) – Fortis NV (Holl) holding corporation gave a correct view of its state of affairs and risks, in particular with regard to the acquisition of ABN Amro, the subprime portfolio, and its solvency and liquidity. In September 2012, Patripart NV, a former Fortis shareholder, and its parent company, Patrinvest SCA, brought an action for damages against Fortis successor Ageas SA/NV before the court based on alleged incomplete and/or misleading information in Fortis's prospectus relating to its September 2007 capital increase. 

An Analysis Group team led by Managing Principal Marc Van Audenrode and Vice Presidents Lisa Pinheiro and Jimmy Royer, together with Finitude expert Benoit d'Udekem, prepared a report assessing the economic and financial context at the time of the prospectus' publication. The court agreed with the report, noting that “Fortis [lawyers] also point to a report by financial and economic analysts, Finitude and Analysis Group, who examined many relevant indicators that reveal that after exhibiting some concern during August of 2007, the market for highly rated subprime RMBS stabilized until the end of 2007.”

The court's decision could still be appealed.