Newsletter - October 2023

We share this newsletter to keep you informed about the progress of the pending action in the Netherlands and other developments of interest to you. 

Background to AIRS’ action

AIRS started legal proceedings against Airbus SE (“Airbus”) in April 2022 before the District Court of The Hague (the “District Court”). In your interest AIRS aims to obtain compensation for the misconduct of Airbus.

AIRS’s action is based on the allegation that Airbus facilitated large-scale corruption in its business and did not adequately inform you and other investors about the wrongful conduct. In the interest of investors AIRS is actively taking steps to recover the losses suffered. While research is ongoing, our economic expert (Fideres) in a preliminary assessment calculated that investor losses are significant. 

Judgment District Court

On 23 March 2023 an oral hearing took place at the District Court. The hearing revolved around the question whether AIRS is suited to bring the claims on behalf of the harmed investors, as per the requirements following the recently enacted Dutch Act; The Mass Damage Settlement Act in Collective Action (i.e., the “WAMCA” (Wet Afwikkeling Massaschade in Collectieve Acties). 

In its judgment of 20 September 2023 (following the oral hearing and further submissions), the District Court confirms that AIRS fulfils numerous requirements of the WAMCA, but eventually concludes that AIRS is inadmissible to bring the claims on behalf of the investment community at large. The District Court’s interpretation of the new regime is based on an assessment of the value of claims registered (rather than the number of registrants as such) and this interpretation effectively requires broad support from institutional investors. 

At the time of the hearing many retail investors registered with AIRS translating into a lower claim value (compared to claims of institutional investors). The District Court subsequently decided that the number of registrations and the implications as to their claim value meant that AIRS was not sufficiently representative. 

AIRS works closely together with Airbus Investors Recovery Limited (“AIRL”). AIRL seeks compensation on behalf of more than 200 institutional investors that have assigned their damages claims to AIRL. The District Court did not take into account the support of these institutional investors when deciding on AIRS’ representativeness.  

Next steps 

As a next step, AIRS is considering to appeal the judgment of the District Court at the Court of Appeal. AIRS must do so by 20 December 2023. Investors that registered with AIRS are not required to take any steps at this stage and will be further updated in due course.

Further information and engagement 

AIRS will keep investors informed on recent developments. In the interim we encourage investors to get in touch with us by email to share questions and suggestions (investors@airbusinvestorsrecoverystichting.com). AIRS will also continue to keep investors updated through its website: https://www.airbusinvestorsrecoverystichting.com/. Also the reports of AIRS’s management board and supervisory board can be found on the website.

If you have not yet shared your trade data illustrating your share position in Airbus, please do so via your profile on the website.

Please feel free to forward this newsletter to anyone you know that might be a harmed investor, so they can join our action as well.

For any questions, please feel free to email us: investors@airbusinvestorsrecoverystichting.com

The Board of AIRS
Paul Rex                                          (Chairperson)
Dominiek Vangaever                    (Treasurer)
Elsbeth van Rhijn                           (Company Secretary)