Closed Class Action
Life Insurance Policies
About the Case
In recent years, all those who surrendered their life insurance policies have had a bitter experience. Expecting to have their accumulated funds reimbursed, they found that after significant deductions and fees, often only a fraction of their saved sum was paid out. The accrued interest is almost never disbursed.
Even with currently active policies, there is often great dissatisfaction regarding the development of the paid-in funds. Cases reported to Advofin show deductions/losses ranging from 20% to 80% of the paid-in funds. Judgments by the Austrian Supreme Court (OGH) and the European Court of Justice (ECJ) now provide consumers with the opportunity to take action against insurance companies and reclaim a significant portion of the withheld amounts.
For the collective proceedings, both active and already surrendered policies concluded between 1995 and 2015 were eligible.
Status/Outcome
Registration was possible until November 30, 2018.
Our clients’ claims were individually reviewed and, depending on the outcome, released to the cooperating lawyers for legal pursuit. Depending on the case category, significant compensation payments could be secured for our clients.
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