Correct Wolf, I only said it may be, however the initial...

Correct Wolf, I only said it may be, however the initial announcement said the maximum damages claim could be US$250M - if the case was successful IMF are only entitled to a percentage of that.

Also from the annual report

"
Proceedings were commenced in December 2013 in the Netherlands by a Foundation incorporated under Dutch law, de
Stichting Ratings Redress (“SRR”), to pursue claims (assigned to SRR) for losses suffered by investors in CPDOs arranged by
ABN Amro Bank NV
(now Royal Bank of Scotland NV (“RBS”)) and rated by
Standard & Poor’s
(“S&P”). SRR entered into
a funding agreement with IMF pursuant to which IMF provides funding to SRR for the prosecution of the claims.
S&P commenced proceedings in the English courts, without notice to SRR, seeking declarations that it is not liable to SRR
and two of the investors, and seeking contribution from RBS. On 1 May 2015, the Amsterdam District Court ruled that it
did not have jurisdiction to hear SRR’s claims against S&P and it stayed the claims against RBS. The claims are continuing in
the English courts, where S&P now has commenced proceedings against each of the investors who assigned their claims
to SRR, as well as SRR. IMF has entered into a funding agreement with each of the investors to provide funding for the
prosecution of their defence to S&P and to enable them to counter-claim against S&P and claim against RBS. IMF is also
funding proceedings brought in the Dutch courts by NRAM plc (formerly Northern Rock) against S&P and RBS. NRAM plc
did not assign its claims to SRR. These proceedings have been stayed pending the outcome of the English proceedings.
Pursuant to directions made to the High Court in London, S&P, RBS, SRR and the investors have made disclosure of their
relevant documents. The lawyers for the investors in the English proceedings are currently reviewing the documents
disclosed by S&P and RBS. There is a participation agreement between IMF and interests associated with its ex-European
joint venture partner (the “Co-Funder”) to share equally the costs (including any adverse costs) of, and any return from,
this claim."


It's possible that it's only one these counter claims that have been settled, or it could be completely unrelated to this action. However in the portfolio updates no European cases are listed, and this case does fit the bill of being a UK & Dutch action