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ARTICLE · 23 OCTOBER 2013

International Class Action Settlements In The Netherlands Since "Converium"

De Brauw Blackstone Westbroek
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Since the US Supreme Court’s decision in "Morrison v. National Australian Bank", the international relevance of Dutch law on class action settlements has increased.

NetherlandsInternational Law
Ruud Hermans
Ruud Hermans
Jan De Bie Leuveling Tjeenk
Jan De Bie Leuveling Tjeenk
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Introduction

  1. Since the US Supreme Court's decision in Morrison v. National Australian Bank [see Endnote 1], the international relevance of Dutch law on class action settlements has increased. Indeed, now that "foreign cubed class actions" have become a problem in the United States [see Endnote 2], the Netherlands may become a serious alternative for the certification of class action settlements involving non-US investors in non-US securities listed on a non-US stock exchange.
  2. Dutch law does not provide for an "American style" class action, but it does provide for an opt out mechanism that facilitates the implementation of collective settlements in a fashion somewhat similar to US class action settlements. This mechanism is rooted in the Act on the Collective Settlement of Mass Claims, known in the Netherlands as the "WCAM".

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