Closed Class Action

From 2006 onwards, Immofinanz used funds from capital increases to invest in or speculate with its own shares through subsidiaries. The so-called “IBAG-Bond” served as a vehicle for this, a highly controversial intercompany bond amounting to well over half a billion Euros.

From autumn 2007, Immofinanz’s speculative activities became its undoing due to difficult refinancing amidst the looming financial crisis. Within five weeks, the Immofinanz share price fell to a low of 28 cents (after reaching a peak of over €12). Investments in its own shares thus became almost worthless within a very short time – the capital from investors used for this purpose from the capital increases had been destroyed.

AdvoFin represented or financed 3,300 affected parties in this case. Claims against Immofinanz/Immoeast and Avizo Zeta (formerly Constanzia Privatbank) were pursued.

Participation in the Immofinanz collective procedure is no longer possible, as the registration deadline has already expired on 2011-06-15.

Significant recoveries of approximately €65 million for their losses were enforced for the affected parties. The collective procedure has been concluded.