Investor's appeal against the fund management for too low valuation of units and damage to the fund's assets

Facts

B.B. and the companies he controlled, D. AG and E. AG, invested in the investment funds X. and Y. In December 1992, they terminated the collective investment contracts for a total of 20,148 X. units and 16,165 Y. units. They accuse the fund management, C., of having undervalued the fund's assets, particularly since 1983, which resulted in too low a redemption price upon termination of the units. They also accuse him of having diluted the fund's assets by issuing new units at too low a price. After the death of B.B., his successor A.B. and the company B. GmbH (resulting from the merger of the previous companies) continued the proceedings.

Considerations

The Federal Supreme Court upholds the appeal. It considers that investors can individually assert the indirect damage suffered due to the reduction of the fund's assets attributable to the management, even after their exit from the fund. The fund management must prove the circumstances that would justify a reduction in the redemption price, in…