Current status of proceedings AIRS

Court of Appeal

7. On 24 September 2024, the appeal proceedings officially ensued at the The Hague Court of Appeal. As the first step in the proceedings, AIRS has been granted the opportunity to file a statement on the grounds of appeal (Memorie van Grieven). The filing date is 3 December 2024. After the filing of the grounds of appeal, Airbus will be given the opportunity to file a written response.

6. Issue of summons in appeal proceedings
AIRS has served its writ of summons in appeal proceedings on Airbus on 19 December 2023 to appeal the decision of the District Court. At the Court of Appeal, AIRS has the opportunity to overturn the District Court decision and to have established that it is representative to bring the claims of harmed investors at large under the Mass Damage Settlement Act in Collective Action (WAMCA).

District Court

5. Decision on standing
The District Court The Hague rendered its judgment on AIRS’ standing on 20 September 2023. The Court decided that AIRS is inadmissible to bring the claims of harmed investors under the recently enacted Mass Damage Settlement Act in Collective Action (WAMCA). The judgement can be read here.

In the first decision under the new regime considering investor claims, the District Court The Hague took the view that AIRS is insufficiently representative to bring claims on behalf of the investment community at large. The 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 appears to require broad support from institutional investors.

AIRS is seeking legal advice on the decision rendered and is considering to appeal the decision.

Investors that registered with AIRS are not required to take any steps at this stage and will be further updated in due course.

4. First hearing and consequent submissions
On 23 March 2023 the first hearing took place at the District Court The Hague. The hearing dealt with the standing of AIRS and the appointment of the exclusive representative.

AIRS has pleaded (i) that the WAMCA (the Dutch law on settling collective actions) is applicable and (ii) that AIRS should be declared admissible.

In addition, AIRS has requested the court to be appointed as the exclusive representative (the lead plaintiff) and to decide that the opt-out regime will apply to foreign investors, so that these investors are not required to take further action in order to benefit from the outcome of these proceedings.

Following the court’s decision of 29 March 2023, AIRS submitted on 12 April 2023 the arrangements in relation to its funding. Airbus submitted a response on 26 April 2023. Upon the request of the court parties have filed further submissions on 24 May 2023 and 7 June 2023.

3. Case management decision
On 31 August 2022, the District Court The Hague decided on the case management of the proceedings. The court ordered that a hearing will be held in March 2023 to deal with the admissibility of AIRS bringing the claim and the appointment as the exclusive representative to consequently plead the merits of the matter.

In preparation of the hearing both Airbus and AIRS are allowed to file written submissions. Airbus has filed its submission on 23 November 2022. AIRS’ submission was due and filed on 22 February 2023.

2. Issue of summons
On 1 April 2022, AIRS issued a writ of summons to Airbus.

1. Invitation to open negotiations
On 6 August 2021, AIRS sent a letter to Airbus, holding Airbus liable for the damages incurred by Airbus investors. The letter was also to interrupt the statute of limitations on behalf of all Airbus investors.

On 1 December 2021, Airbus replied, denying all charges and rejecting the invitation to negotiate to avoid legal proceedings.