Cases & Deals

Expropriated SNS Reaal bondholders challenge legality of taking and seek compensation from Dutch State

Clients SNS Reaal bondholders

Jones Day represents bondholders in connection with the Dutch State's nationalization of SNS Reaal NV and SNS Bank NV on February 1, 2013. In an unprecedented move in the context of European bank bail-outs and bail-ins, as well as taking the equity, the Dutch State also expropriated certain debt securities and capital components of the nationalized entities. Having done so, it offered no compensation to the victims of the expropriation. Jones Day is representing subordinated bondholders in challenges both to the legality of the Dutch Finance Minister's Decree and his offer of nil compensation. Proceedings are currently taking place in the Dutch Courts with the Amsterdam Court of Appeal's Enterprise Chamber having recently dismissed the Minister's application to approve his offer of nil compensation. The Court will now appoint independent experts to assess the fair market value of the assets immediately prior to their expropriation.

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