Massive €3.2 billion suit filed against Dutch insurer NN

Claim organization Wakkerpolis filed a 3.2 billion euros lawsuit against insurer NN Group for unjust fees on investment insurance. This collective corporate profiteering claim is being filed on behalf of about 500 thousand NN customers and in cooperation with consumers organization Consumentenbond, ANP reports.

This collective claim follows a won lawsuit involving one file last year. In that case complaints institute Kifid ruled that NN had to reimburse the initial costs of an investment insurance because the customer was not well informed about those costs.

According to Wakkerpolis, NN charged an average of about 5,500 euros per customer in unjustified costs. Wakkerpolis is teaming up with Consumentenbond, which is already suing NN, to amp up the pressure. "That's been dragging for years. This simultaneously boosted pressure should make NN realize that it is time for adequate arrangements with its customers", Bert Jan Tiesinga of Wakkerpolis said, according to the newspaper. "We'd like to settle by mutual agreement, but NN does not want to. Then it has to be this way, because there is no alternative."

"NN charged everyone these costs, without anyone knowing about it. It does not work like that in the Netherlands", Tiesinga added.

A spokesperson for NN told ANP that the company hasn't yet received the claim, so cannot respond to it. He also denies Wakkerpolis' accusation that NN does not want to discuss a settlement.