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Myths and Realities of Financing Collective Actions: a Telling Tale from Holland

Myths and Realities of Financing Collective Actions: a Telling Tale from Holland. Increasing access to justice through EU class actions: a conference for litigators and policy makers Pierre Bos, member of the Dutch Bar 12 November 2012. Funding , the decisive issue in class actions.

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Myths and Realities of Financing Collective Actions: a Telling Tale from Holland

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  1. Myths and Realities of Financing Collective Actions: a Telling Tale from Holland Increasing access to justice through EU class actions: a conference for litigators and policy makers Pierre Bos, member of the Dutch Bar 12 November 2012

  2. Funding, the decisive issue in class actions

  3. Leaseverlies / Dexia (share-leasing schemes) • Crowdfunding • 100 NLG contribution per victimregisteredwith foundation (X > 110,000 of 400,000 class) • Additional 25 % per victim in lack-of-spouse-signature case (X > 40,000) • Fundingbydefendants • Negotiatedadditional advance fundingwithdefendants

  4. Shell Reserves Compensation Foundation / Shell (recategorization of reserves) • Self-financedby VEB and Grant & Eisenhofer • VEB: because of Leaseverlies/Dexia compensation • Compensatedby Shell • VEB: $ 6,25 million + attorneyfees • G & E: $ 47 million

  5. Legal aidandlegal-costsinsurers • Governmentdevelopinglegal-aidscheme for class actions • Insurersreducing exposure as much as possible

  6. Self-fundingthroughthird-party funding

  7. Pierre V.F. Bos T +31 (0)70 376 06 53 F +31 (0)70 360 16 85 E bos@barentskrans.nl

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