The process began with a mutual review by both parties of the claims made. Their different perspectives on the cases came to light in extensive discussions, leading to the exclusion of those claims which had no basis. In the framework of these discussions Swiss Life Select defined individual solutions for the different case categories. The settlement amount was determined on the basis of specific investor characteristics as well as social aspects. "The different perspectives on the cases enabled an agreement. The settlement of this longstanding legal dispute means we can now give our full attention to the needs of our customers," says Eric Samuiloff, Head of Swiss Life Select Österreich GmbH.
The agreement was based on differential damage of EUR 23 million relating to a price of EUR 3.103 for the Immofinanz shares in question. Payment of the EUR 11 144 000 settlement will be made to VKI to whom the investors had assigned their rights. After the deduction of all associated costs including payment of the quota to FORIS, the company which financed the legal proceedings, VKI will be able to distribute about EUR 7 million among the investors. The individual payments will be allocated by VKI according to the agreement between VKI and the investors and is not part of the settlement agreement.
"We are very content with this outcome as it is quick and it allows VKI to pay out 30% of the differential damage to the consumers. We have also concluded that Swiss Life Select, with its current flat hierarchical structure, is no longer comparable with the former AWD multi-level marketing sales structure," says Dr. Josef Kubitschek, the Head of VKI.
In light of this settlement the allegation of systematic misleading advice is not upheld. The present agreement represents a full and final settlement of all claims of the investors in connection with the "collective actions".
Phone +41 43 284 77 77
Phone +41 43 284 52 76
All our media releases can be found at swisslife.com/mediareleases
The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.
The Swiss Life Select, tecis, HORBACH, Proventus and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group employs a workforce of around 7000, with approximately 4500 certified financial advisors.
Swiss Life in three minutes (video)
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither Swiss Life nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. Swiss Life and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.