by Den Haag, GATA:
Dear Friend of GATA and Gold:
Tuesday, September 10, saw the final ruling of the Board of Industry Appeals (College van Beroep voor het Bedrijfsleven) on the gold case brought by the Dutch pension fund Vereenigde Glasfabrieken against De Nederlandse Bank (DNB, the Dutch central bank) in 2011. The pension fund objected to an earlier directive of DNB.
This ruling is in favor of the pension fund, because the judges of this college, following an earlier decision in March 2012, not only ruled that a fund may decide how to implement its investment policy, but also ruled that DNB failed to underpin its concerns as expressed in the directive imposed [onto the pension fund].
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