Another Successful Procedure

“BAG Bank Aktiengesellschaft to repay doomed In the present case the applicants had in December 1992 on property, asset management and management GbR Stuttgart-Vaihingen / Ludwigsburg” (House/flat No. 30) involved with an investment amount of DM 30.650,00. To finance its share, the plaintiff took a mature final loan amounting to nominal DM 35.238,00 in the Esslinger Bank eG. This original loan was transferred to outsourcing contract from the 27.07.2004 on the BAG Bank Aktiengesellschaft (Hamm). Since then, the credit is being continued by the BAG.

In the precontractual consultations, the applicants were advised by an employee of AmTra GmbH used as main distributor for the WGS. The substantial consultations took place at the plaintiffs all at home. The plaintiffs have revoked according to the regulations of the door revocation law (application) in 2009 their declarations of intent on conclusion of the credit agreement. The then confirmed in the context of the taking of evidence before the District Court of Stuttgart Mediator of the doorstep-selling situation as well as the fact that the Esslinger Bank already had agrees EC prior to distribution to the initiators of funds, to finance the participation of the WGS. Funds and loans from the Esslinger Bank eG were offered in a package. The Landgericht Stuttgart followed the argument of the plaintiff in his judgment of the 21.10.2010 (not final) fully extensively. Since the original cancellation policy has been flawed, the plaintiffs could revoke the credit contract in 2009. Plaintiffs get back interest on loans paid by the two banks therefore all in the past and have to count only the distributions as well as the tax benefits.

Furthermore the BAG Bank Aktiengesellschaft was condemned back abzutreten life insurance subrogated to the security. Further application found that the applicants are not obliged to make more loan payments. This case shows again once dramatically, that the right of withdrawal according to the Regulations of the (old) front door revocation law is the most promising way of aggrieved investors and remains to be able to enforce its claims. We therefore advise all fund investors, who are been persuaded during a doorstep situation (which is also the workplace or one of the entrepreneurs initiated leisure or commercial event) to the signed expert to verify any claims. Contact: Patrick M. Zagni Attorney / lawyer specializing in banking and capital market law boiler str. 19 70327 Stuttgart phone: 0711/9455855-0 fax: 0711/9455855-20

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