NPS Vatsalya can be initiated while the child is under the age of 18
VEB said it would take several more months to finalise the deal with Royal Bank of Scotland Plc — the legal successor in the case to now slimmed-down state bank ABN Amro — and Goldman Sachs.
It said the 12,000 claimants it represents could share a maximum amount of 110 million euros ($147 million) which would, with interest, be more than their share of losses up to April 3, 2000.
The deal follows a November 2009 High Court ruling that World Online and the banks accompanying the March 17 IPO had painted too rosy a picture of the value and prospects of the company, which went to market at the height of the dot-com bubble.
World Online was founded in 1995 by Nina Brink and was a leading Dutch Internet service provider. It was floated at 43 euros in March 17, giving it a value of 12 billion euros, but its share price collapsed after revelations of some events prior to the introduction, particularly Brink’s sale of her stake three mnonths earlier for a fraction of the IPO price.
Brink was dismissed as chief executive in April 2000, and Italy’s Tiscali acquired the firm later that year.
NPS Vatsalya can be initiated while the child is under the age of 18
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