Stibbe represented EY in an appeal before the Industrial Appeal Court (College van Beroep voor het bedrijfsleven; CBb) filed by the AFM after the Rotterdam District Court's decision at the end of 2017 to annul the fines imposed by the AFM. The Rotterdam District Court had ruled that the AFM had not proved that EY (and PwC) had breached its duty of care.
The CBb upheld the ruling of the Rotterdam District Court and agreed that the fines of EUR 2.2 million for EY and EUR 845,000 for PwC were unjustified. As a result, the fines have been definitively annulled and the AFM's appeal has been dismissed as unfounded.
EY is pleased with the CBb's decision. Coen Boogaart, Chairman of the Executive Board of EY Nederland stated that 'this decision confirms our position that the AFM cannot conclude, on the basis of the investigation into individual files, that EY has violated its duty of care under Section 14 of the Audit Firms Act.