ISS Securities Class Action Services Webinar: Converium
22 February 2012, 10:00 AM EST
During the informative webinar lead by Luke Green, Head of Securities Class Action Services Research, the Converium decision was discussed along with the broader implications for global asset recovery.
As outlined in our case brief, the Converium decision in the Netherlands has been gaining global interest as it marks the first time that a European court has approved a class action settlement on an opt-out basis (U.S. style) regarding the securities of a company not based in the Netherlands, whose securities were traded on a foreign exchange, and where the class included few Dutch residents. The settlement, worth an estimated $58.4 million, presents a notable opportunity for asset recovery in its own right. Significantly, it may also demonstrate that investors have legal recourse in Europe even if they are left out in the cold by the changing legal landscape in the United States.