Overview

• Thousands of Basque investors who funneled retirement savings into FWU Life Insurance Lux’s Luxembourg subsidiary found their funds tied up after the unit’s bankruptcy exposed its risky investments.
• The Madrid Provincial Court’s September 2024 Sentencia 319/2024 ruled that OVB Allfinanz España breached its duty by not disclosing product risks, voiding investor contracts for vitiated consent.
• Investors are filing lawsuits against OVB Allfinanz España to enforce the Madrid ruling and bypass Luxembourg’s insolvency proceedings.
• Claimants can seek annulment of their investment-insurance contracts, full repayment of all contributions and additional damages for economic or moral harm.
• Experts recommend assembling all documentation—policies, contracts, commercial communications and contribution records—and warn that statutory deadlines for filing claims may soon expire.