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New hope on the horizon for investors in SNS, the now nationalized Dutch banking group? en

Newsletter 02/2019

On 1 February 2013 SNS Reaal NV was nationalized by the Dutch State. This measure was deemed necessary due to serious issues with the group’s solvency requirements. Neither bondholders nor shareholders were compensated for the expropriation of their shares. The Dutch State valued their securities at zero euro at the point of nationalization. It seems now that this valuation was incorrect.

Shareholders and bondholders disagreed with the Dutch State’s valuation and have initiated a cascade of administrative and civil proceedings over the last six years.

Compensation for bondholders & shareholders?

Currently there are two proceedings ongoing in the Netherlands that could lead to a compensation for bondholders and possibly shareholders who held their securities on the date of the nationalization.

On 28 March 2019 a decision is expected from the Enterprise Division of the Amsterdam Court of Appeal (“Ondernemingskamer”). This will be a verdict about the valuation of SNS securities on the day of the nationalization. The expectation is that the valuation will be greater than what was offered by the Dutch State.


Aside from these proceedings, the Dutch Retail Shareholder Association “VEB” successfully initiated inquiry proceedings (“enquêteprocedure”) against SNS. Court appointed experts examine all internal documentation and communication and are expected to publish mid-2020 a report on their findings. Their investigation will focus on possible mismanagement and misleading information disseminated to the market.

The outcome of these inquiry proceedings could lead to claims for damages against SNS Reaal, SNS Bank and SNS Property Finance BV, their former directors and officers and their auditors. This could be another route for affected SNS investors to receive compensation for the losses suffered on purchases of SNS securities when the information disseminated to the market was false or misleading.

Deminor is currently not active on the SNS matter, but we are closely monitoring all developments.

If there is an opportunity for investors to claim compensation for their losses, Deminor will inform, provide advice and assistance to any interested investor. If you wish to be kept up to date about this matter, please do not hesitate to contact us:


Joeri Klein

Written on February 22, 2019 by

Joeri Klein

Responsible for the Dutch market. Co-responsible for group-wide investment recovery cases. Head of research for Dutch collective proceedings and settlements.

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