AMSTERDAM – The Netherlands’ Supreme Court has upheld a ruling against insurer Aegon NV, finding that found it misled thousands of investors.
In a case launched by a group of 19,000 investors in 2005, lower and appeal courts agreed the company had not been transparent about charges for term life insurance included in its “KoersPlan” investment product that were found to be unreasonably high. Investors are seeking repayments of roughly €1,000 ($1,300) each.
The Supreme Court rejected an appeal from Aegon in a decision published Friday and sent the case back to a lower court to determine penalties.
An Aegon spokesman said the company is studying the ruling. The product was sold an estimated 600,000 times and it is not clear whether other investors will now also seek compensation.