2023-06-02 04:00:33
The Arco cooperative went into liquidation after the 2011 collapse of the Dexia banking group. It had some 800,000 members whose total financial loss was estimated at 1.5 billion euros.
Arco was a major shareholder in Dexia, which has since become Belfius. At the time, the government had proposed a guarantee system to limit the loss of cooperators, but this offer was deemed contrary to European rules. In November 2021, the Brussels Enterprise Court rejected the action brought by Deminor on behalf of more than 2100 Arco cooperators who were asking for the reimbursement of their investment. Their request was declared inadmissible and Deminor appealed the decision, but the processing of this case is not expected before 2027. Due to the limitation period in the Arco case, Deminor has also decided to launch a second procedure with other cooperators. The organization said earlier that it had more information and evidence establishing a “systematic and long-lasting deception“.
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