Jones Day named a finalist for European Litigation Team of the Year
Jones Day has been shortlisted for Litigation Team of the Year by The Lawyer European Awards 2023. The Firm is recognized for its major victory on behalf of former SNS Reaal Bondholders.
More than a decade after the expropriation of the SNS Group by the Dutch Ministry of Finance, the Dutch Supreme Court finally ended the long-running debate as to the amount of compensation owed to investors by awarding significant compensation and costs to bondholders, including the Firm's clients. Since the expropriation, the Ministry of Finance had persistently argued that no compensation was owed as the securities were worthless at the time. The Supreme Court rejected this position on April 21, 2023 and ruled that the Ministry of Finance must pay compensation totaling approximately €1 billion. The Supreme Court upheld an earlier 2021 ruling from the Amsterdam Court of Appeal's Enterprise Chamber in which bondholders were awarded significant compensation and costs.
The Jones Day team representing former SNS Reaal Bondholders was led by Gerjanne te Winkel and Stephen Pearson and included Sid Pepels.
For 14 years, The Lawyer European Awards have celebrated excellence across the European legal industry. A panel of judges selected Jones Day based on a single achievement. The winner will be announced at a ceremony in London on November 23, 2023.