216
Fashion Jobs
ZALANDO
Principal Product Manager - Data And Platform (All Genders)
Permanent · STOCKHOLM
ESSILORLUXOTTICA GROUP
Key Account Manager Nordics
Permanent · GOTHENBURG
H&M
Production Manager – Singular Society
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Finance & Compliance (All Genders)
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Returns Shipping Solutions
Permanent · STOCKHOLM
GANT
Campaign Coordinator
Permanent · STOCKHOLM
H&M
Legal Counsel – h&m Group
Permanent · STOCKHOLM
H&M
Operations Manager to ai Tech Center
Permanent · STOCKHOLM
H&M
Engineering Manager - ml Platform
Permanent · STOCKHOLM
KERING EYEWEAR
Kering Eyewear Area Sales Manager Sweden
Permanent · STOCKHOLM
H&M
Product Manager - Sre (Site Reliability Engineering)
Permanent · STOCKHOLM
H&M
Engineering Manager - Sap Functions
Permanent · STOCKHOLM
L'OREAL GROUP
Pharmacy Representative - Dermatological Beauty Division - Stockholm Region
Permanent · STOCKHOLM
H&M
Operations Manager
Permanent · STOCKHOLM
H&M
Administrator h&m Divided
Permanent · STOCKHOLM
ESPRIT
Visstidsanställning Brand Representative 25 Timmar / Per Vecka
Permanent · MALMÖ
ZALANDO
Principal Product Manager - Data And Platform (All Genders)
Permanent · STOCKHOLM
H&M
Cyber Security Engineering Manager – Cybercrime
Permanent · STOCKHOLM
H&M
Cyber Security Engineering Manager – Security Controls
Permanent · STOCKHOLM
GANT
Global Operations Project Manager
Permanent · STOCKHOLM
H&M
Visual Merchandiser Manager 38,25h
Permanent · MALMÖ
H&M
Area Lead Engineer - Product Program Management
Permanent · STOCKHOLM
By
Reuters
Published
Aug 2, 2010
Download
Download the article
Print
Text size

Belgium's Van de Velde sues KBC over CDO sale

By
Reuters
Published
Aug 2, 2010

July 30 (Reuters) - Belgian lingerie group Van de Velde (VELD.BR) has taken KBC (KBC.BR) to court to seek compensation for debt products sold to it by the Belgian bank and insurance company.

Van de Velde, KBC
Van de Velde brand : Marie Jo


KBC confirmed a report in Belgian business daily De Tijd about the legal action. Van de Velde Managing Director Herman Van de Velde told Reuters by telephone he believed the case was likely to come to court in October.

Van de Velde has fully written down its 3.45 million euro ($4.5 million) collateralised debt obligation (CDO) portfolio over the past two years.

Holders in general of CDOs, seen by many as solid investments before the credit crunch, have suffered heavy losses after the financial crisis wiped out much of their value.

De Tijd said other companies to which KBC sold CDOs were considering legal action.

KBC reached a settlement in September 2009 with investor activist group Deminor on behalf of 40 private banking clients related to CDOs it had sold.

A KBC spokeswoman said the company did not envisage paying compensation to corporate customers as they typically had experienced treasury managers who would have fully understood complex investments.

KBC, which received 7 billion euros in state aid to help it through the global financial crisis, itself recorded losses on CDOs last year of 1.85 billion euros and of 4.00 billion in 2008 and has secured state guarantees to cover some of its exposure.

(Reporting by Philip Blenkinsop; Editing by David Holmes) ($1=.7641 Euro)

© Thomson Reuters 2024 All rights reserved.