Cases & Deals

Former SNS Bondholders Secure Full Compensation

Former SNS bondholders secure full compensation 10 years after expropriation

Client(s) Former SNS 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 Jones Day'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 21 April 2023 and ruled that the Ministry of Finance must pay compensation totaling approximately €1 billion. The Dutch 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.