Bouwfonds Open for claimants

The certificates in the Bouwfonds Office Value Fund N.V. in 2005 and 2006 were sold as 'low-risk'. Then the value nevertheless largely evaporated. Because borrowed money was invested, a 1 euro decrease in the real estate value resulted in a 3 euro decrease in the value of the certificate. Therefore the investment should have been described as 'high-risk'.  The initiators did not warn investors of this risk at the time. Read more and register free of obligation.

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Proceedings

Proceedings

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Case

History

In 2005 and 2006, certificates were issued in the Bouwfonds Office Value Fund NV for the amounts of EUR 10,000 and EUR 11,000 per certificate, respectively. Both in the advertising material and in the prospectus, Bouwfonds gave the impression that it was a solid investment with a low risk profile. By 2015, the fund was technically bankrupt, although the value of the property fell by only 1/3. Scheduled sale of the property could not take place and depositors remain stuck in a strongly loss-making investment.

Allegations

In particular, Bouwfonds failed to explicitly indicate the risk the fund was exposed to for it was using the largely borrowed invested money, a leverage that threatened to nearly triple the risk profile compared with an unfinanced property investment. This leverage meant that if a property lost 30-40% of its value, the entire deposit would be lost and the fund would be bankrupt. That is a specific risk which, in the opinion of our lawyers, should have been warned about separately. In addition, it was not possible for certificate holders to sell their certificates because the manager did not manage to have insufficient liquidity to enable the purchase. As a result, certificate holders were unable to limit their loss.

Opposite parties

Bouwfonds Vastgoedfondsen Beheer B.V. (now Bouwfonds Fund Management B.V.), a wholly owned subsidiary of  Bouwfonds Investment Management B.V. and part of the Rabobank Group was responsible for the contents of the prospectus and the advertising material. The certificates were sold by ABN AMRO N.V., which also was a co-initiator of the fund.

Damage

The damage that is eligible for allocation in principle amounts to the entire loss. Based on the (published) value as of 1 July 2017 (EUR 3,008.87), the loss is on average approximately EUR 7,500 per certificate. Should the court consider that the risk was accepted in part, then the actual compensation payment would be lower.

Lawyer

The lawyer in this case is mr. A.H. Beekhuizen. Beekhuizen has worked as a lawyer for over 20 years. He has an excellent reputation in the field of litigation of complex investment disputes and is the in-house attorney of various securities banks and investment firms.

Claimant?

Who can join this claim?

All the certificate holders in the Bouwfonds Office Value Fund N.V. (now: Office Value Fund N.V.) can register as claimants, provided they have not already registered with another legal action in connection with this claim. As far as we know, there is currently no other action in progress.

Conditions

Registration

This is a pre-publication. The aim is to gauge whether sufficient claimants wish to be part of a legal case against the other party(s). It is therefore important that you register now (free of obligation) as a claimant. If a sufficient number of claimants register, we will definitively publish the claim and then you will be able to officially register to participate in the case. In that case, participation will be free of charge – if there is a payment distribution, you will receive a part of the recovery (no cure, no pay). If the case delivers nothing, this will cost you nothing.

Registration process

To register in as a claimant, you only need your email address and the number of certificates that you have. You can register on this page (on the right for computers and above for tablets/mobile phones). After registration, you will receive an email to confirm. If you know other people who are also certificate holders in the Office Value Fund N.V., let them know about this procedure. Or share the claim on your social media account via the sharing button in the top menu of by using the sharing buttons in the email that you receive. We will keep you informed of any developments.

Conditions

If enough people register, we will make a proposal for participation. You can then decide whether to participate. It is expected that funders will bear the costs and that you will cede a percentage of any recovery.

Foundation

Foundation 'Bouwfondsclaim'

To combine and represent the interests involved, the Foundation Bouwfondsclaim was esablished some time ago. If enough people register, the foundation will become active and the interests of the claimants will be actively represented. The foundation sends in the lawyer and makes all decisions independently. They may consult the claimants. In accordance with the Claim Code, as soon as the foundation is active, the board of the foundation will be extended to include a lawyer and a financial expert. Moreover, the Supervisory Board of ClaimShare will monitor the board. Important decisions require the approval of the Supervisory Council. You can download the Deed of Incorporation and the Claim Code (both in Dutch) under the 'Documents' tab. 

Board

The board of the foundation consists of:  Mr Frank Ammers – Chairman (holder of 3 certificates)  And two yet-to-be-appointed members, preferably one law specialist and one financial expert.

Documents

Please find below available downloads with regard to this case.

FAQ

All the certificate holders in the Bouwfonds Office Value Fund N.V. (now: Office Value Fund N.V.) can register as claimants, provided they have not already registered with another legal action in connection with this claim. As far as we know, there is currently no other action in progress.

You fill in your e-mail address and number of certificates you own in the form on this screen to your right (desktop) or on top of this page (mobile) and press the submit-button. You will then receive an email from us and we will keep you informed.

Na de aanmelding als gedupeerde ontvangt u van ons een email met daarin een link waarmee u toegang krijgt tot de portal. Daarin kunt u uw aanmelding eenvoudig online voltooien. U hoeft alleen alleen enkele persoonsgegevens door te geven en een bewijs dat u certificaathouder bent en welk aantal certificaten u bezit. Dat kan bijvoorbeeld door een recent afschrift van uw depotbank (dat zal in veel gevallen ABN Amro Bank zijn) te uploaden (scan of foto). Vervolgens dient u akkoord te gaan met een korte deelnemersovereenkomst. Na verzending van uw aanmelding verifiëren wij of alle gegevens zijn verstrekt en wij zullen u berichten als er iets ontbreekt. Daarna hoeft u voorlopig niets meer te doen.

Stichting Bouwfonds Claim is opgericht op initiatief van de heer Frank van Ammers, houder van 3 certificaten, uit onvrede over het verloop van deze belegging. Via zijn advocaat mr. A.H. Beekhuizen is hij in contact gekomen met ClaimShare. ClaimShare is een onafhankelijk platform dat gezamenlijk procederen faciliteert en ondersteunt. 

Wij beschermen uw gegevens zoveel mogelijk en uw deelname blijft geheim voor anderen. Als de zaak bij de rechter komt, is het mogelijk dat op enig moment in de procedure de namen van de deelnemers moeten worden overgelegd. Bijvoorbeeld omdat de schade moet worden bewezen. Alleen als de zaak daarom vraagt, zullen we de gevraagde gegevens in het proces brengen en dan uiteraard zo beperkt mogelijk.

Certificaathouders die niet deelnemen, doen niet mee aan de rechtszaak en kunnen daaruit geen schadevergoeding ontvangen. 

Deelnemen is kosteloos. Let wel: uw aanmelding voor deelname dient op uiterlijk 15 maart a.s. te zijn voltooid.

Nadat u zich heeft aangemeld voor deelname, hoeft u in principe niets meer te doen. U krijgt een eigen dossier in de portal waar u alle door u opgegeven gegevens kunt inzien en eventueel kunt wijzigen. Indien voldoende certificaathouders deelnemen, start de advocaat in samenspraak met het bestuur van Stichting Bouwfonds Claim het proces. U wordt via berichten in de portal door de Stichting Bouwfonds Claim op de hoogte gehouden en kunt op deze wijze het proces volgen.

De belangrijkste voorwaarden voor deelname zijn:

  • U neemt kosteloos deel aan de procedure;
  • De stichting zal uw belangen (uitsluitend waar het gaat om schadevergoeding) exclusief behartigen;
  • U staat 25% van uw netto schadevergoeding (na kosten) af als de zaak in eerste aanleg eindigt en 35% als de zaak in hoger beroep gaat (no cure no pay).

De voorwaarden zijn vervat in een (eenvoudige) deelnemersovereenkomst, waarmee u in het aanmeldingsproces akkoord dient te gaan. Als u certificaathouder bent, kunt u de deelnemersovereenkomst downloaden in portal. 

Als u certificaathouder bent, kunt u zich eerst (vrijblijvend) aanmelden als gedupeerde op deze pagina. U ontvangt dan een link met toegang tot de portal, waar u deelnemer kunt worden.

Any questions?

Do not hesitate to contact us. You can reach us by telephone between 9-12 pm (CET). Or you can send us an email using the contact form below. We will contact you as soon as possible!