No insurance for Den Drijver and Kroon

The firm Van der Moolen went bankrupt half a decade ago, but it isn’t over yet for Richard den Drijver and crime Hans Kroon. Several investors are still trying to recover some of their losses. Usually, the board members are protected by a company insurance policy. After all, nobody wants to be at the helm when risking massive claims.

And the claims are substantial. Den Drijver and Kroon are facing a claim amounting some 130 million.

Here comes the good part. As court decided the fall of Van Der Moolen was due maladministration, insurer AIG walked and left Den Drijver and Kroon on their own. For starters, they have to pay their own lawyers. Sidney Berendsen, lawyer for Loyens & Loeff, is defending them. But he isn’t into charity, and the bill outstanding is almost a million.

In the case between AIG and Den Drijver/Kroon, court decided AIG has right to walk away. Both gentlemen may have ruined shareholders but are still living in several expensive apartments. Hell, they have been listed on the Quote 500 list in 2009 edition (nl).

Maybe it’s wise to pay your own lawyer. Especially when he’ll defend you against a 130 mio claim. Maybe he’ll eventually broker a settlement for you, negotiating the claim to a more modest amount. Say, 13 million each. Negotiations are ongoing, FD reports.