Last hundred days before statute of limitations in Arco case, Deminor starts new lawsuit

Last hundred days before statute of limitations in Arco case, Deminor starts new lawsuit
Last hundred days before statute of limitations in Arco case, Deminor starts new lawsuit

At the end of this year, Deminor will start a new lawsuit at the Brussels court of first instance against Arco, Belfius and the Belgian state. The legal advice office reported this on Thursday, one hundred days before the statute of limitations expires. Arco is the then financial arm of the Christian labor movement that itself went bankrupt in the aftermath of the collapse of the banking group Dexia at the end of 2011.

Source: BELGA

Today at 09:02

“The Belgian state, Belfius and Arco avoid any possibility to resolve the file constructively and amicably,” says Erik Bomans, CEO of Deminor Recovery Services. “Litigation is therefore the only option to counteract the definitive statute of limitations. Although some do their best to hide this financial scandal, 800,000 Arco cooperatives who saw their piggy banks go up in smoke have not forgotten this. Especially today, with a recession on the way and skyrocketing inflation, Deminor wants to keep fighting so that Arco savers get the compensation they are entitled to. That is why we are starting this lawsuit.”

Deminor says that more than 3,500 Arco cooperatives have already registered for the class action. “We are convinced that a positive verdict is possible that provides at least partial compensation to the participants in our class action. The last 100 days before the statute of limitations have been used, we will close registrations on December 15, 2022,” says Bomans.

Last year, Deminor lost a lawsuit before the Brussels company court on behalf of some 2,200 cooperants of Arco. Deminor appealed that ruling.

The approximately 800,000 Arco cooperatives lost about 1.5 billion euros of their savings with the Arco debacle.

The article is in Dutch

Tags: days statute limitations Arco case Deminor starts lawsuit

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