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ARTICLE · 21 DECEMBER 2022

Collective Actions In Belgium: The Second Arco Case – Will Deminor Chart A New Course?

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Last Thursday, Deminor closed the registration for its new Arco case in view of the upcoming time-bar in January 2023.

United StatesLitigation, Mediation & Arbitration
Werner Eyskens
Werner Eyskens
Evelien Van Espen
Evelien Van Espen

Last Thursday, Deminor closed the registration for its new Arco case in view of the upcoming time-bar in January 2023. The Arco case, which commands much media attention, concerns an investor dispute in which 800,000 Arco shareholders are at risk of losing their full investment after Dexia's bankruptcy in 2011. The investors allege among others that the contracts concluded with the Arco companies are null and void on the basis of fraud (or at least error).

This case will be the second Arco case led by Deminor. On November 21, 2021, the Dutch Speaking Enterprise Court of Brussels (the Brussels Court) declared Deminor's first case inadmissible.

In the first Arco case, the plaintiffs were obliged to rely on Belgian judicial law, rather than on the Belgian class action law. This is because the Belgian class action law, as included in the Code of Economic law (CEL), is currently limited in scope and does not cover investment claims by aggrieved shareholders. This is

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