Stichting Investor Loss Compensation is working with international law firm and global investor loss recovery pioneer DRRT, which is acting as an advisor and facilitating the collection of participation agreements from interested investors. SILC sent a tolling letter pursuant to Dutch law in the name of the foundation to Airbus and additional respondents on August 5, 2021.
On Friday, December 31, 2021, SILC served its Writ of Summons in The Hague District Court on Airbus SE, members of its Audit Committee, current and former executives, and its auditors KPMG and Ernst & Young. The foundation is continuing to add new participants. The press release of January 5, 2022, can be found here. In addition, SILC’s counsel attended Airbus’s Annual General Meeting (AGM) of April 12, 2022, in Amsterdam.
The parties have worked on establishing a case management schedule, with the court splitting the proceedings into two phases, 1) the preliminary phase which includes jurisdiction and admissibility/standing of the parties; and 2) merits of the case. Defendants are required to submit their statements of defense by November 29, 2022. The court has also planned an oral hearing to take place in March 2023, covering topics such as exclusive representative and the court-instructed negotiation phase.
Updates on the case and status of the initiative, including preparation of court proceedings, oral hearings, etc., will be continuously added here in order to keep investors and the general public informed of any new developments.
The foundation’s Articles of Association can be found here: Articles of Association.
A redacted version of the Writ of Summons has been registered with the court’s central registry, and is available for the public at Centraal register voor collectieve vorderingen | Rechtspraak. An English translation of the Writ is currently being prepared and will be made available here once ready, in addition to all other relevant documents as they arise.