Closed Class Action
Madoff
About the Case
For decades, New York businessman Bernard Madoff defrauded thousands of investors with a Ponzi scheme. The fraud became known in December 2008.
In this case, AdvoFin managed and financed the claims of 350 clients with a dispute value of €28.2 million, who had purchased shares in the so-called Primeo Select Fund through the former Vienna-based Bank Medici (a subsidiary of UniCredit/Bank Austria).
The claims were asserted against both UniCredit, on the basis of insufficient examination of the prospectus documents, and the so-called Madoff Victims Fund (USA).
Status/Outcome
Participation in the ‘Madoff’ class action is no longer possible, as the registration deadline already expired on November 15, 2011.
Through AdvoFin’s intervention and/or financing, significant recoveries of the incurred losses were achieved for the clients (approximately 50% of the damages incurred). The collective action has been concluded.
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