| Court: | Amsterdam Court of Appeal, The Netherlands |
| Case Number: | 200.070.039/01 |
Note: For information about the action related to Converium before the U.S. District Court for the Southern District of New York, please see the case description for Converium Holdings AG (U.S. Action).
Settlements on behalf of foreign investors who purchased Converium stock on the SWX Swiss Exchange or any other stock exchange outside the United States (the "Non-U.S. Exchange Purchasers") during the period from January 7, 2002 through September 2, 2004 have been reached with Converium and Zurich Financial Services ("ZFS").
In July 2010, the Stichting Converium Securities Compensation Foundation (the "Foundation") and Vereniging VEB NCVB ("VEB") entered into separate settlement agreements with Converium and ZFS, respectively (the "Settlement Agreements") for a total settlement amount of $58,400,000 (USD) — $40,000,000 (USD) from Converium and $18,400,000 (USD) from ZFS.
On 9 July 2010, the Foundation, VEB, Converium, and ZFS jointly filed a petition with the Amsterdam Court of Appeal in The Netherlands (the "Court"), and on October 1, 2010 an amended petition, to have the Agreements declared binding on all Non-U.S. Exchange Purchasers pursuant to Article 7:907 of the Dutch Civil Code.
By Court Order of November 12, 2010, the Court pronounced in a provisional judgment that it is competent to take cognizance of the request in the joint petition of October 1, 2010 and decided that interested parties may present their arguments in a statement of defense or at the oral hearing of the petition. The Court held a hearing on October 3, 2011, and on January 17, 2012 declared the Settlement Agreements binding.
The claims administration process has concluded and the net settlement fund has been fully disbursed. This matter is considered closed.