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