Newsletter - December 2022
Thank you for your registration with Airbus Investors Recovery Stichting (“AIRS”). We share this newsletter to keep you informed about the progress of the pending action and other developments of interest to you.
Background to AIRS’ action
AIRS is an independent, non-profit foundation incorporated under Dutch law. AIRS has initiated legal proceedings against Airbus SE (“Airbus”) in April 2022 before the District Court of The Hague. AIRS aims to obtain compensation for investors harmed by the misconduct of Airbus.
Airbus facilitated large-scale bribery and corruption in its aviation business. Airbus did not adequately inform the investing public about its wrongful conduct. Investors who bought and held ordinary shares in Airbus (through the European stock markets) during the period 1 January 2008 to 31 July 2020 may have suffered losses. In the interest of these investors AIRS is actively taking steps to recover those losses.
Recent developments
Apart from launching its proceedings against Airbus, AIRS has undertaken various steps in the interest of harmed investors. Among others:
- Airbus also has been subject to damages claims of US investors in relation to the trades on US-based stock exchanges based on the aforementioned wrongdoing. In May 2022 the parties to these US proceedings reached a settlement. As the terms of the settlement were excessively broad (and could have conceivably released claims AIRS is pursuing), AIRS actively intervened and engaged with the parties to the US settlement to ensure that the interests of investors represented by AIRS are safeguarded. Based on AIRS’ intervention the terms of the settlement were amended.
- AIRS has actively reached out to Airbus to open settlement negotiations for the benefit of investors that traded on European stock exchanges during the Relevant Period. For now, Airbus has refused to engage with AIRS to this end, but AIRS will continue with its efforts in this regard.
- AIRS works closely together with Airbus Investors Recovery Limited (“AIRL”). AIRL seeks compensation on behalf of approx. 200 institutional investors that have assigned their damages claims to AIRL. In August 2021 AIRL initiated proceedings against Airbus before the District Court of Amsterdam. In those proceedings AIRL has already obtained a first victory. In a decision rendered in July 2022 the District Court of Amsterdam sided with AIRL that Dutch law applies to the damages claims and Airbus moreover has been ordered to submit its statement of defence (while Airbus tried to delay the proceedings). In October 2022 Airbus submitted its substantive statement of defence. The matter now moves to a hearing on the merits scheduled for June 2023.
Next steps
The District Court of The Hague decided in August 2022 that it wants to deal with AIRS’ standing to bring the claim and the appointment as Exclusive Representative during a hearing. To that end the District Court of The Hague ordered that Airbus should submit its position in November 2022, whereas AIRS is given the opportunity to submit its position in February 2023. The subsequent hearing is scheduled to take place in March 2023.
AIRS is confident that it fulfils the relevant requirements to be the Exclusive Representative of the investors and will be appointed as such, allowing it to proceed with the matter.
If you have not yet shared your trade data illustrating your share position in Airbus during the Relevant Period, please do so via your profile on the
website.
The Board of AIRS
Paul Rex (Chairperson)
Dominiek Vangaever (Treasurer)
Elsbeth van Rhijn (Company Secretary)
29-12-2022
