myths and realities of financing collective actions: a telling tale from holland increasing access...

Myths and Realities of Financing Collective Actions: a Telling Tale from Holland

Increasing access to justice through EU class actions: a conference for litigators and policy makers

Pierre Bos, member of the Dutch Bar

12 November 2012

Funding, the decisive issue in class actions

7 mei 2012

Leaseverlies / Dexia (share-leasing schemes)

Crowd funding

100 NLG contribution per victim registered with foundation (X > 110,000 of 400,000 class)

Additional 25 % per victim in lack-of-spouse-signature case (X > 40,000)

Funding by defendants

Negotiated additional advance funding with defendants

Shell Reserves Compensation Foundation / Shell (recategorization of reserves)

Self-financed by VEB and Grant & Eisenhofer

VEB: because of Leaseverlies/Dexia compensation

Compensated by Shell

VEB: $ 6,25 million + attorney fees

G & E: $ 47 million

Legal aid and legal-costs insurers

Government developing legal-aid scheme for class actions

Insurers reducing exposure as much as possible

7 mei 2012

Self-funding through third-party funding

7 mei 2012

BarentsKransParkstraat 107P.O. Box 30457NL-2500 GL The Hague

www.barentskrans.nl

Pierre V.F. BosT +31 (0)70 376 06 53F +31 (0)70 360 16 85E bos@barentskrans.nl