Overview
- The Federal Court of Justice on November 13 overturned a 2024 OLG Munich interim ruling and reinstated the Munich regional court’s dismissal of a pilot claim by Union Investment (Az. IX ZR 127/24).
- About 50,000 investors have filed roughly €8.5 billion in damages claims, within total claims of €15.4 billion against an estate of about €650 million.
- The court held that damages tied to a share purchase are closely linked to shareholder status and therefore rank behind ordinary creditors such as banks, suppliers and employees.
- Practically, former shareholders are expected to recover little or nothing, while ordinary creditors will share the limited estate.
- Other legal proceedings continue, including investor actions targeting auditor EY and the criminal trial of ex-CEO Markus Braun, with fugitive Jan Marsalek still sought.