The District Court of Rotterdam recently upheld a decision by the AFM to fine Ageas, formerly Fortis, for violating its duty to timely publish price-sensitive information. The AFM took this decision in connection with a press release issued by Fortis on 21 September 2007. The press release included information to the market on the potential effects of indirect subprime investments on Fortis's 2007 profit and loss statement. According to the AFM, the press release gave investors an insufficient basis on which to assess the risks that the subprime exposure posed to the value of Fortis.
Ageas appealed the AFM's decision, but the appeal was dismissed by the District Court because, in short, both the scope of the subprime exposure and the subdivision into types of subprime products in which Fortis had invested formed essential information to investors.
Ageas has announced its intention to appeal the District Court's ruling.
District Court of Rotterdam 9 February 2012 (Ageas vs Stichting AFM, LJN: BV3771)
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