Closed Class Action
Auer-von-Welsbach (AvW)
About the Case
The AvW Group and AvW-Invest went bankrupt in May 2010. At the end of January 2011, their CEO and founder, Wolfgang Auer-Welsbach, was sentenced to eight years in prison for commercial fraud and embezzlement. Following the collapse of the AvW empire, approximately 12,500 investors were left with virtually worthless participation certificates.
From 2010 to 2015, AdvoFin represented 724 clients in this case and financed the pursuit of claims by the injured parties against various defendants (insolvency estate, investor compensation fund).
Status/Outcome
Participation in the “AvW” class action is no longer possible, as the registration deadline expired on 2011-11-30. For the affected parties who joined our collective action, nearly €9.7 million in recoveries were achieved. The proceedings have been concluded.
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