Closed Class Action
Meinl European Land / Atrium European Real Estate
About the Case
The real estate fund company Meinl European Land generated intense media interest in the summer of 2007 when it became known that the proceeds from a capital increase in spring had been primarily used to repurchase its own securities without informing investors, which violates Austrian law. Furthermore, ad hoc reporting obligations were repeatedly violated.
In addition to Meinl European Land (sold in 2008 and renamed Atrium European Real Estate), AdvoFin also handled a class action against Meinl Bank, which, through a subsidiary, took over the management of Meinl European Land and played a significant role in connection with the asserted grounds for action (missing or incorrect ad hoc reporting, misadvice to potential investors).
Status/Outcome
A settlement agreement was reached with Atrium European Real Estate in this case in March 2017, which means the coverage of a significant portion of the financial damages suffered by AdvoFin’s clients.
Subsequently, through legal successes and ultimately a settlement agreement with Meinl Bank in 2019, a significant recovery of losses was achieved for over 8,000 clients.
The class action is concluded.
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