ISS' Securities Class Action Services has scheduled a webinar on the noteworthy Converium Holding AG case in the Netherlands. The webinar will be held on Wednesday, Feb. 22, at 10 a.m. EST (3 p.m. GMT).
The Converium case is 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 ($40 million from Converium and $18.4 million from Zurich Financial Services), 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.
With settlement dollars in non-U.S. actions averaging almost $500 million per year over the past decade, global recovery potential could accelerate as investors look to countries like the Netherlands to recoup their losses.
To register for this webinar, please click here.