The Amsterdam Court of Appeal has declared binding two international settlements in a class action relating to Swiss reinsurer Converium, bought by French reinsurer Scor in 2007. The aggregate recovery was, according to the co-lead counsel in the class action, $58.4m. A decision from November 2010 has been made final, and "recognizes that all other European Union Member States, as well as Switzerland, Iceland and Norway, must recognize the Court of Appeal's ruling, under the Brussels I Regulation and the Lugano Convention". The case related to investors who bought Converium stock between January 2002 and the beginning of September 2004 on a non-US exchange and who were not US residents at the time of the purchase. The lead plaintiffs alleged that, when Zurich Financial Services spun off Converium and over subsequent quarters, Converium's earnings were materially overstated because Converium concealed a massive deficiency in its North American loss reserves. The co-lead counsel chose the Netherlands as its base, even though the alleged wrongdoing took place elsewhere and none of the potentially liable parties and only a limited number of the potential claimants were domiciled in the Netherlands, because it is the only country in Europe with a collective settlement procedure as delineated in the Dutch Collective Settlement Act. This law requires only that claimants' interests be represented through a Dutch foundation or association. That operation, the Stichting Converium Securities Compensation Foundation, was duly created by litigants' representatives in February 2009.