{"id":5290,"date":"2012-04-03T00:00:00","date_gmt":"2012-04-03T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/04\/netherlands_offers_jurisdictio"},"modified":"2022-05-19T13:37:34","modified_gmt":"2022-05-19T18:37:34","slug":"netherlands-offers-jurisdictio","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/netherlands-offers-jurisdictio\/","title":{"rendered":"Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically"},"content":{"rendered":"<p>Ever since the US Supreme Court ruled in <em>Morrison et al v National Australia Bank Ltd et al <\/em>that claimants not residing in the United States or American citizens who purchased shares on a foreign exchange can\u2019t settle or litigate their case in the US, these parties have been seeking other jurisdictions to get their claims resolved. Recently, the Netherlands has stepped in to provide this needed alternative.<\/p>\n<p>It was earlier this year that the Amsterdam Court of Appeal accepted jurisdiction to preside over a <a href=\"https:\/\/www.securities-fraud-attorneys.com\/\">class action securities settlement<\/a> involving Zurich Financial Services (ZFS) subsidiary Converium Holding shares. The involvement of Dutch shareholders&#8217; association VEB and Stichting Converium Securities Compensation Foundation was enough for court jurisdiction to be granted even though not a lot of the class members reside in the Netherlands. (The appeals court used the Dutch Act on the Collective Settlement of Mass Claims to grant jurisdiction). As a result, about 10,000 institutional and individual investors who sustained financial losses when they invested in Converium stock outside the US were able to share $58.4 million, minus legal fees.<\/p>\n<p>There was a class action settlement that was declared in the US that awarded $84.6 million to a smaller group of class members. However, only US persons and those that bought their Converium securities on any exchange were allowed to participate in the class, which was certified by the United States District Court for the Southern District of New York.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/netherlands-offers-jurisdictio\/\"  title=\"Continue Reading Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ever since the US Supreme Court ruled in Morrison et al v National Australia Bank Ltd et al that claimants not residing in the United States or American citizens who purchased shares on a foreign exchange can\u2019t settle or litigate their case in the US, these parties have been seeking other jurisdictions to get their [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804],"tags":[],"class_list":["post-5290","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically &#8212; Investor Lawyers Blog &#8212; April 3, 2012<\/title>\n<meta name=\"description\" content=\"Ever since the US Supreme Court ruled in Morrison et al v National Australia Bank Ltd et al that claimants not residing in the United States or American &#8212; April 3, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/netherlands-offers-jurisdictio\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically &#8212; Investor Lawyers Blog &#8212; April 3, 2012\" \/>\n<meta name=\"twitter:description\" content=\"Ever since the US Supreme Court ruled in Morrison et al v National Australia Bank Ltd et al that claimants not residing in the United States or American &#8212; April 3, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically &#8212; Investor Lawyers Blog &#8212; April 3, 2012","description":"Ever since the US Supreme Court ruled in Morrison et al v National Australia Bank Ltd et al that claimants not residing in the United States or American &#8212; April 3, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/netherlands-offers-jurisdictio\/","twitter_card":"summary_large_image","twitter_title":"Netherlands Offers Jurisdiction To Class Actions Securities Cases for US Citizens and Others Who Cannot Obtain Redress Domestically &#8212; 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