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VEB v BP: locating purely financial damages in cross-border securities class actions.

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Thank you AKD for flagging the Dutch Hoge Raad (Supreme Court) reference to the CJEU in what at the Court is now known as case C-709/19 Vereniging van Effectenbezitters (VEB) v BP. The Hoge Raad’s decision is here, AKD have the questions in English.

The case essentially seeks clarification of Kolassa, Universal Music and Lober, given the specifics in the VEB case as pointed out in the AKD summary: the case concerns a class action, not that of an individual shareholder; no prospectus was specifically addressed at Dutch investors, who instead feel they received incomplete and misleading information that was made public through press releases, websites and public statements by directors; finally the Dutch Supreme Court questions the CJEU on an e-Date accessibility type jurisdictional basis.

One to look out for.

Geert.

(Handbook of) EU Private International Law, 2nd ed. 2016, Chapter 2, Heading 2.2.11.2.7

 


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