Stibbe successfully represents EY in a class action regarding Airbus

In a landmark judgment of 23 December, the Appeal Court of The Hague ruled that the claims of a claim foundation brought against Airbus, its former directors and its external auditor are inadmissible. The claims were brought under the new Dutch collective action regime (WAMCA) on behalf of investors who allegedly suffered damage by acquiring listed shares in Airbus on the basis of misleading information.

The claim foundation was set up specifically for the purpose of these proceedings by a third-party litigation funder who sees a business model in conducting collective actions. The essence of the court's decision is that the claim foundation is not sufficiently independent from its funders, as the funders are able to exert considerable influence on the decision-making process with regard to the legal action brought by the claim foundation. Therefore, there is insufficient assurance that the interests of the investors whom the claim foundation claims to represent actually come first.

The judgment (in Dutch) can be found here. 

Stibbe represented Ernst & Young Accountants in this matter.