CURRENT SITUATION OF CLASS ACTIONS.
ADICAE represents thousands of small shareholders in several proceedings, like Forum-Afinsa case, Intercaser, Gescartera-AVA, etc.
- FORUM-AFINSA Case: this financial scandal, an investment fraud in tangible goods (stamps), made 500,000 loose their savings in Fórum Filatélico and Afinsa companies. ADICAE respresents the largest affected platform with over 70,000 registered people. Currently, the case is going on, and ADICAE is working to achieve the creation of a compensation fund for those affected.
INTERCASER: In 1999 the insurer Intercaser arbitrarily reduced the interest rate of its savings plan, pension and savings-adolescence policies. There was about 150 000 families affected, and about 1 000 were represented by ADICAE in the first class action lawsuit to Intercaser in Saragossa.
ADICAE got an agreement for their members and for all affected people, with a fixed interest rate which at that time was the best in the market.
GESCARTERA-AVA: In 1998 the Securities Broker Agency AVA submitted a request to go into receivership. It resulted 10 000 people without their savings, with a loss of 89 million euros.
The Courts didn't take the case seriously into account until the year 2001. In 2001 the same problem happened at a national level, with the Securities Broker Agency Gescartera, where there were disappeared about 106 million euros. In this case, 2 400 people were affected, with almost 1000 families represented by Adicae. Then
ADICAE used this national case, with much more political impact, to connect with AVA case. It succeeded to launch a GUARANTEE FUND in 2004 that generalized payments to those affected of AVA. Of the 89 millions Euro lost, those affected have managed to recover 36 millions. It can be said that almost all the claimants have recovered their savings thanks to this Fund.