Beyond Tulips and Cheese: Exporting Mass Securities Claim Settlements from the Netherlands

Posted: 28 Nov 2010 Last revised: 5 Dec 2010

See all articles by Tomas Arons

Tomas Arons

Radboud University Nijmegen

Willem H. Van Boom

Leiden Law School

Date Written: November 27, 2010


With the enactment of the 2005 Collective Settlement of Mass Damage Act (WCAM 2005) the Dutch legal system and indeed Dutch society has taken a significant step towards a more efficient resolution of mass damage claims. The WCAM 2005 seems especially promising for attaining relatively swift settlement of mass securities claims in the Dutch context. Since, however, stock traded on the Amsterdam exchange is not exclusively owned by shareholders resident in the Netherlands, the obvious question is to what extent settlements under the WCAM 2005 have cross-border effect. Against this background, this article has a twofold purpose. First, we aim at providing a general outline of the Dutch legal system concerning the collective settlement of mass damage claims. Secondly, we discuss issues of international jurisdiction, cross-border recognition, res judicata and enforcement of opt-out securities settlements under the WCAM 2005. Have the Dutch found a new export product with the enactment of the WCAM 2005?

Keywords: Class Action, Representative Action, Settlement, European Securities Litigation, Res Judicata, Recognition, Cross-Border Enforcement

JEL Classification: K13, K41, K22

Suggested Citation

Arons, Tomas Matthieu Christiaan and Van Boom, Willem H., Beyond Tulips and Cheese: Exporting Mass Securities Claim Settlements from the Netherlands (November 27, 2010). European Business Law Review, Vol. 21, No. 6, 2010, Available at SSRN:

Tomas Matthieu Christiaan Arons

Radboud University Nijmegen ( email )

Thomas van Aquinostraat 6, Room 6.01.15
P.O. Box 9049
Nijmegen, 6500 HK
+31-24-3611212 (Phone)
+31-24-3611583 (Fax)


Willem H. Van Boom (Contact Author)

Leiden Law School ( email )

P.O. Box 9520
2300 RA Leiden, NL-2300RA


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