General Information on 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 for policies still in effect, there is often great dissatisfaction regarding the performance of the invested funds. Cases reported to Advofin show deductions/losses ranging between 20% and 80% of the amounts paid in. Recent rulings by the Austrian Supreme Court (OGH) and the European Court of Justice (ECJ) now enable consumers to take action against insurance companies and reclaim a large portion of the withheld amounts.
For the class action, both active and already surrendered policies concluded between 1995 and 2015 are eligible.
Registration is only possible until November 30, 2018!
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