Enforce collective claims
Portfolio funding is part of the day-to-day business at ROLAND ProzessFinanz, just as much as the funding of individual actions. In the case of portfolio funding, those individual cases are pooled into a group that are based on the same set of facts and circumstances or that concern the same legal issue; we then provide funding for this group of cases as a whole.
In this context, the degree to which the cases are similarly structured is significant: It helps us decide whether pooling them into one single portfolio is feasible from a legal standpoint and whether it is sensible from an economic one. Overall, their similarity allows for a quicker and simpler evaluation on our part, which in turn enables us to better accommodate our customers regarding the value of the amounts in dispute and the terms and conditions for the funding of their cases.
In future, portfolio funding will become ever more relevant, and in particular where the assertion of consumer rights is concerned. That is why we work closely with consumer organizations and associations in this context — a collaboration that we intend to intensify and expand.
ROLAND ProzessFinanz supported and funded complaints brought by a consumer protection association against a German telecommunications group for the confiscation of profits that the group had generated by overcharging its customers on fees for returned debits. The proceedings regarding the confiscation of profits were brought to a close by agreeing on a settlement in the double-digit millions that flowed into the Federal budget.
In 2016, the European Commission imposed a record fine of several billion Euros against the cartel of truck manufacturers for, among other things, unlawful price fixing agreements. The Commission determined in this regard that five of the manufacturers with the highest turnover had coordinated their sales prices for trucks over a period of fourteen years. As an instance of portfolio funding, ROLAND ProzessFinanz provides funding for a number of actions for compensation of damages brought by the injured parties that had purchased the trucks.
ROLAND ProzessFinanz provided funding to an Austrian consumer protection association regarding three collective actions against an underwriter for providing an incorrect prospectus. The compensation of damages amounted to roughly three million Euros for 48 persons affected who had invested into closed funds.
ROLAND ProzessFinanz provides support to patients who have suffered damages in bringing actions for compensation of damages and compensation for pain and suffering against the manufacturer of a cosmetic product that caused lasting harmful side effects.