A further ‘skeleton in the closet’ for Dexia

A further ‘skeleton in the closet’ for Dexia

A High Court ruling in the Netherlands – the Dutch equivalent of the Court of Cassation – has sentenced ‘bad bank’ Dexia in a case involving share-leasing, which will result in additional losses of up to several dozen million Euros, reveal the dailies L’Echo and De Tijd. Dexia is still struggling with share-leasing contracts almost 15 years after it acquired them in the Netherlands when it took over Labouchère bank in 2000.

When the stock market crashed shortly afterwards, many Dutch people lost money. Almost 285,000 Dutch Dexia clients agreed to an amicable settlement, but 15,000 others refused. Many victims want their money back, but Dexia argues the complaint comes under their statute of limitations. The High Court ruling disagrees with the statute of limitations in only one case, but other plaintiffs aim to use the ruling to their advantage. This could concern several thousand investors.

(Source: Belga)

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