Securities Suits Move Out of the US and in to a Dutch Court – Was Morrison a True Win ?
As previously covered here and here, litigants need to be careful about their strategic wishes and choices. One wonders what the Morrison litigants are feeling now that securities litigation is moving ahead in a Dutch court. American Lawyer Daily has the full story by David Bario. Here are some key excerpts:
"On Monday, a foundation formed under Dutch law and backed by the two plaintiffs firms filed suit in the Netherlands against Fortis, various bank officers and directors, and lead underwriter Merrill Lynch U.K. Holdings for allegedly misleading investors about Fortis’s financial health in 2007 and 2008. The firms said in a press release that more than 140 institutional investors and 2,000 individual shareholders from Europe, Asia, and the U.S. have signed on with the foundation that filed the action, Stichting Investor Claims Against Fortis. "Shareholder losses are estimated in the tens of billions of euros," the firms said."