Dutch Supreme Court: Fortis was mismanaged

10:44 AM, Dec 6, 2013   |    comments
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AMSTERDAM (AP) - The Netherlands' Supreme Court has upheld rulings that the now-defunct Belgian bank Fortis NV was mismanaged from September 2007 to September 2008, and its then-management board can be held accountable.

Friday's ruling opens the door for investor claims against former CEO Jean-Paul Votron, though not former supervisory Chairman Count Maurice Lippens.

Fortis, RBS and Santander bought Dutch bank ABN Amro in a hostile takeover in 2007, nominally the largest in banking history.

Fortis agreed to buy ABN's Dutch operations for 24 billion euros but was unable to finance the deal and eventually went bankrupt. The Dutch state ultimately nationalized all Fortis-ABN operations in the Netherlands in 2008 to avoid a meltdown of the country's financial system. The rescue has cost taxpayers at least 32 billion euros ($44 billion).

(Copyright 2013 The Associated Press. All rights reserved.)

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