In what is probably the largest group claim ever initiated in France, Deminor is funding a legal action which has now been initiated by over 6,200 investors who have suffered substantial losses following investments made in certain funds managed by H2O AM, an asset manager formerly part of the Natixis group.
By way of background, the H2O scandal hit the headlines back in January 2023 when France’s Autorité des marchés financiers (The Financial Markets Authority of France) issued record fines of €75 million against H2O AM for “serious” rule breaches related to the illiquid investments, while banning its founder Bruno Crastes from managing funds.
After months of in-depth investigations and pre-litigation legal initiatives, the Collectif Porteurs H2O and its members filed for litigation in late December 2023 before the Paris Commercial Court, and Gérard Maurin, chairman of the Association added this comment:
“we are very pleased that after months of work led by our counsel, Dominique Stucki, we have now filed for €717 million of damages on behalf of over 6,200 investors. We would like to take this opportunity to thank the team at Deminor for their incredible support in processing the claimants’ files and funding the legal initiatives undertaken by the association on behalf of its members. We look forward to issuing further information in the near future.”
Working alongside Collectif Porteurs on the H2O financial scandal, directly mirrors Deminor’s founding beliefs and purpose as the company’s name is derived from the French term ‘défense des minoritaires', reflecting its commitment to the pursuit of good causes and its determination to restore justice.
Edouard Fremault, head of the investment recovery practice, and Olivia de Patoul, General Counsel France, of Deminor added:
“we look forward to further helping the thousands of people who have suffered substantial losses on their H2O investments. We would like to extend our thanks to the entire team who have worked on the case at Deminor and to the tireless efforts of the association Collectif Porteurs H2O and its counsel Dominique Stucki as they seek to bring justice for the 6,200 plus claimants they are acting on behalf of.”
The first group of 6,200 investors filed for litigation in December 2023 before the Commercial Court of Paris. The Association has decided to give the opportunity to investors who have still not joined the action to register via the link below and be part of a second group which will join the ongoing action early 2024.
Association website: Association Collectif Porteurs H2O
