Progress of the Claim

AIRS action against Airbus

Timeline

This table shows the progress being made in the actions of AIRS against Airbus.

Invitation to open negotiations with Airbus

Issue summons to Airbus

Proceedings at the District Court of The Hague started

District Court judgment: AIRS inadmissible

Issue summons in appeal proceedings to Airbus

Proceedings at the Court of Appeal of The Hague started

Election Exclusive Representative

Substantive phase proceedings

Settlement negotiations

Final decision

Distribution of the proceeds

Current status of proceedings AIRS

Court of Appeal

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.

Cooperation with Airbus Investors Recovery Limited – status of proceedings AIRL
AIRS is coordinating its strategy with Airbus Investors Recovery Limited ("AIRL") – see About AIRS for further background.

Court of Appeal

6. AIRL served a writ of summons in appeal proceedings on Airbus on 29 November 2023 to appeal the decision of the District Court.

District Court

5. The District Court has rendered a decision in the discovery application and the main proceedings on 30 August 2023. The District Court rejected AIRL’s claims in the main proceeding by considering that Airbus has informed the market adequately and for an extended period was allowed to withhold more detailed information. Based on these considerations the District Court consequently also rejected the discovery request as AIRL would have no interest in the information sought.
AIRL is seeking legal advice on the decision rendered and is considering to appeal the decision.

4. AIRL submitted on the docket date of 26 April 2023 a discovery request. On 31 May 2023 Airbus submitted its response. A hearing regarding the discovery request and the merits of the matter took place on 19 June 2023.

3. Airbus has filed its substantive statement of defence on 19 October 2022.

2. On 27 July 2022 the District Court rendered its decision in the motion filed by Airbus. The District Court fully sided with AIRL in deciding that Dutch law is applicable to the claims and no referral to the European Court of Justice is required.

1. On 6 August 2021, AIRL served a summons on Airbus on behalf of approximately 200 institutional investors that have assigned their claims to AIRL to establish that Airbus acted unlawfully vis-à-vis the affected investors. In response Airbus filed a motion with the aim to have the determination of the law applicable to the damages claims be referred to the European Court of Justice. AIRL opposed Airbus’s motion.