Dutch investors group VEB lodges Supreme Court appeal in World Online case |
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Published
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Mon, 20 Aug 2007 13:14
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AMSTERDAM (Thomson Financial) - The Dutch shareholders association VEB said it will appeal in the Supreme Court over a ruling handed down by a Dutch commercial court in the drawn-out legal battle surrounding World Online.On May 3, the VEB welcomed a ruling from the Enterprise Chamber of the Amsterdam Court of Appeal in which ABN Amro Holding NV and Goldman Sachs Group Inc were convicted of misleading investors at the time of World Online's IPO in 2000 in a case brought to court by the VEB.But the VEB said the appeals court also ruled that the transfer of the demands of thousands of investors now represented by the Foundation WOL was invalid because their full names were not made sufficiently clear when the banks were informed of the demands.The VEB said it disputes the court's ruling that the names needed to be fully identified, adding that only when a demand for compensation is lodged will the names of the individual shareholders become important.The shareholders association said it will now lodge an appeal in the Supreme Court for an annulment against the commercial court's ruling.It will also request that the Supreme Court expedite the case given that World Online's IPO took place seven years ago and that there are a large number (150,000) of investors involved.The VEB estimates that World Online investors lost about 6 bln eur following the company's failed IPO.It said today that neither World Online, ABN Amro or Goldman Sachs had lodged appeals with the Supreme Court.Aaron Gray-Block; aaron.gray-block@thomson.comagb/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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