Deminor is funding 9000 claimants who invested in global macro OPCVM/UCITS funds managed by H2O, who - unknown to them - invested c. EUR 2,6 billion of the funds’ assets in private debt issued by companies controlled by the enigmatic Lars Windhorst. Pursuant to the prospectus and regulations applicable to OPCVMs in France, H2O was not authorized to carry out this trade as the Windhorst debt was illiquid and not rated. H20 and its management were fined by the French authorities in the amount of EUR 90 million.
Claimants initiated legal action before the commercial court of Paris against H2O entities, some entities of the Natixis group, CACEIS and KPMG in December 2023 and June 2024.
