The Brussels Court of Appeal has upheld the initial judgment and ruled against Patrinvest, the holding company of Alexandre Van Damme, in its legal dispute with insurer Ageas.
The case revolves around the 2007 capital increase of Fortis, the former bank, which was intended to finance the acquisition of ABN Amro.
At the time, Patrinvest was a shareholder in Fortis and participated in the capital increase.
However, Fortis collapsed during the 2008 financial crisis, and the acquisition of ABN Amro was a contributing factor to its downfall.
In 2012, Patrinvest filed a compensation claim against Ageas, the legal successor of Fortis, alleging that the prospectus for the capital increase was incomplete and misleading.
On Friday, Ageas announced that the court had confirmed that the prospectus issued by Fortis was accurate and complete, dismissing Patrinvest’s claims.
Patrinvest is owned by Alexandre Van Damme, a member of the AB InBev family and one of Belgium’s wealthiest individuals.
