19-02-2010: Lehman Brothers Citibank - More than 98,6% of our clients accepted the settlement agreement

More than 98,6% of Deminor's clients have entered into the settlement agreement negotiated between Citibank Belgium and Deminor in the framework of the Lehman Brothers case. Deminor will no longer be active on that case with regards to Citibank Belgium.

 

Deminor continues to actively represent investors in Belgium (clients of Deutsche Bank), the Netherlands (clients of Wijs & Van Oostveen), or Italy (mainly clients of Intesa Sanpaolo and Unicredit groups). Deminor will continue to intervene in these cases in order to recover the losses suffered by its clients.

 

1. Following the end of the settlement period which took place on this Thursday 18 February 2010 at 5 PM, more than 98,6% of Deminor's clients have accepted the settlement offer which has been negotiated between Citibank Belgium and Deminor in the framework of the Lehman Brothers case. More than 68% have accepted the opportunity to place the amount of the payment in a 3 years' time deposit account yielding at 5.3% gross annual interest rate.

As previously indicated, Deminor will no longer be active on that case with regards to Citibank Belgium.

Deminor has been mandated by more than 500 Citibank Belgium's clients.

 

2. Since October 2008, Deminor has been at the forefront representing investors hit by the collapse of Lehman Brothers, by federating more than 1.100 persons in Belgium, the Netherlands and Italy.

Deminor continues to actively represent in Belgium clients of Deutsche Bank who have no obtained so far appropriate damages for their losses. Deminor served a writ of summons against Deutsche Bank before the

 

Commercial Court of Brussels in July 2009, and is closely monitoring the evolution of the investigation initiated by the Public Prosecutor of Brussels against Deutsche Bank and/or its managers on that case.

In the Netherlands, Deminor has federated a group of around 375 investors who are clients of Wijs & Van Oostveen, and is about to initiate a legal action on the merits against that financial intermediary before the court of Amsterdam in order to recover the losses suffered by its clients on their Lehman Brothers' financial products.

 

In Italy, Deminor has been contacted by a substantial number of investors, and is currently considering to start a legal action on a short-term basis against several financial intermediaries, such as Banca Fideuram (Intesa Sanpaolo group) and Unicredit.

 

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Contact :

 

Edouard Fremault

+32 2 674 71 10

edouard.fremault@deminor.com