Deutscher Mittelstandsanleihen FONDS: IP Concept and DZ Privatbank S.A. come under pressure. First pilot lawsuit filed by investors at Stuttgart Regional Court

On 14 June 2023, IPConcept S.A. surprised the market with its decision to liquidate the Deutscher Mittelstandsanleihen FONDS. Investors had not been informed beforehand. Even afterwards, the reasons for closing the fund were not comprehensible. Investors have suffered considerable losses. IPConcept S.A., the fund's management company, does not wish to accept any responsibility for this loss. DZ Privatbank S.A., which is the custodian of the fund and the parent company of IPConcept S.A., is also shirking its responsibility.

The investors who had invested their money in this fund do not accept this breach of trust. Complaint proceedings have been underway before the Luxembourg financial market supervisory authority CSSF (Commission de Surveillance du Secteur Financier) since 2023. A first pilot action has now also been filed before the ordinary courts. Dr Wolfgang Schirp, Berlin, whose law firm represents more than 150 private and institutional investors in the fund:

"The investors in the German SME Bond Fund will not tolerate DZ Privatbank S.A. and its subsidiary IPConcpt S.A. shirking their responsibility. On the one hand, formal complaint proceedings are underway with the Luxembourg financial market supervisory authority CSSF; results are expected in June. Independently of this, we have filed an initial pilot lawsuit with the Stuttgart Regional Court on behalf of aggrieved investors.The plaintiffs are demanding information and compensation.DZ Privatbank and IPConcept can no longer hide."

A further strengthening of the investor community is expressly desired. Dr Schirp: "For the Luxembourg financial market supervisory authority CSSF, it is not only legal and commercial aspects that are important. The significance of the case for the Luxembourg financial centre as a whole is also important. The pilot actions under civil law will also be all the more effective the more investors take this route. We call on all investors who are not yet represented to join our initiative."

For further information, please contact Dr Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB, Leipziger Platz 9, D - 10117 Berlin, Tel. 0049-30-3276170, mail: schirp@schirp.com, URL: www.schirp.com