We have approved agreements with investors to close eleven individual law suits in the US
Our Board of Directors approved, at a meeting held today, the signing of agreements to close eleven individual law suits filed at the Federal Court of New York, USA, by Abbey Life Assurance Company Limited (and others), Aberdeen Emerging Markets Fund (and others), Aberdeen Latin American Income Fund Limited (and others), Danske (and others), Delaware Enhanced Global Dividend and Income Fund (and others), Dimensional Emerging Markets Fund (and others), Manning & Napier Advisors, LLC, (and others), Russell Investment Company (and others), Skagen (and others), State of Alaska Department of Revenue, Treasury Division (and others), State Street Cayman Trust Co., Ltd, and Ohio Public Employees Retirement System. We had already signed agreements to terminate four other individual suits filed at the Federal Court of New York, USA, as reported on October 21, 2016.
In the third quarter balance sheet released on November 10, 2016, we recognized a liability of $364 million. The amounts for the agreements reported today are included in this provision.
Those eleven individual law suits were consolidated, for trial purposes, with twelve other individual suits (in addition to the four already extinguished by agreement), and the class action filed against the Company (and others) at the Federal Court of New York, USA. With today's announcement, we have reached agreements for over half of the individual actions consolidated with the class action.
At the moment, it is not possible to make a reliable estimate of the outcome of the class action.
These agreements, the terms of which are confidential, do not constitute a recognition of liability on our part. We will continue defending ourselves vigorously in the other cases in progress to eliminate uncertainties, burden, and costs associated with the continuation of these disputes.