The Netherlands

On behalf of the team

On 9 December 2020, the Amsterdam District Court ruled that it would not substantively adjudicate a case brought by a class action foundation against, inter alia, Rabobank. The case concerns a class action against a number of banks in response to the global interest rate manipulation affair. Rabobank, Lloyds, UBS and digital broker ICAP Europe Ltd have been sued by the Dutch Elco Foundation for the damage allegedly suffered by aggrieved professional investors as a result. The District Court held, however, that the Foundation had no locus standi because similar interests were lacking and there was a failure to meet the requirement that the interests of the persons on whose behalf the action is brought be sufficiently safeguarded. According to the District Court, it had also not been shown that this class action and the declaratory judgments sought therein could achieve effective and/or efficient legal protection. [1]Amsterdam District Court 9 December 2020, ECLI:NL:RBAMS:2020:6122