A&O Shearman on UFC-Que Choisir’s class action against Natixis Investment Managers International

Although the action had been declared inadmissible at first instance, the Paris Court of Appeal overturned that part of the judgment but dismissed all claims on the merits, stating very clearly that “in the absence of any compensable damage suffered by the holders of units in the formula funds managed by NIMI, the latter is not liable.”

This is the second time in recent years that the firm has won a large-scale “financial” class action.

Dan Benguigui, partner at A&O Shearman, commented: “Since 2015, we have developed a tailor-made practice in Paris and across Europe, specifically dedicated to mass litigation, whether in the civil, criminal or regulatory sphere. We are very proud that the evidence of its effectiveness is once again emerging today.”

The A&O Shearman team was led in Paris by partners Dan Benguigui and Erwan Poisson, counsel Julie Lombard-Veysset, and senior associate Rebecca Harris.