Dresden Regional Court condemns Volksbank for providing false advice on Uni Immo Wohnen ZBI

The Dresden regional court has convicted Volksbank Dresden-Bautzen for providing false advice on Uni Immo Wohnen ZBI. What the ruling means for investors in open-ended real estate funds.

Munich. A ruling by the Dresden Regional Court strengthens investors in Uni Immo Wohnen ZBI. The judges condemned Volksbank Dresden-Bautzen for providing incorrect investment advice (ref. 9 O ​​2102/25). The judge's ruling is not yet legally binding.

According to investor lawyer Giorgios Aslanidis, it could still have a signaling effect for numerous investors. Investors in the fund recently had to cope with losses of up to 38 percent. Aslanidis says he is also taking action against dozens of other banks because of alleged false advice.

Niels Nauhauser from the Baden-Württemberg consumer advice center sees the judge's ruling as another ruling in favor of injured investors. What consequences the decision has for subscribers of real estate funds - and what other lawsuits are pending against Uni Immo Wohnen ZBI:

The Dresden judges viewed it as proven that the bank employees had not adequately informed the plaintiff about the material risks of the real estate fund. Among other things, they did not inform him about possible losses as a result of devaluations or that he had to hold the fund shares for at least two years after subscribing.

Uni Immo Wohnen ZBI had to devalue its properties by almost a fifth in June 2024. Since then, further value adjustments have followed. The fund is seen as a beacon for the entire industry, which has been struggling with low returns and cash outflows since the end of the low interest rate phase in 2022.

In the past four years, investors have withdrawn around 14 billion euros from open real estate funds. More investors are still returning fund shares than are adding new ones.

Since its devaluation a good two years ago, the fund has been the subject of several lawsuits. Essentially, the question is whether investors have been adequately informed about the risks of open-ended real estate funds.

Law firms such as Aslanidis, Kress & Häcker-Hollmann and Goldenstein have sued numerous banks that sold the fund. The Baden-Württemberg consumer advice center is currently having the European Court of Justice examine whether the classification of the funds in risk class 1, which is considered particularly safe, was legal.

Should the Luxembourg judges agree with the consumer advocates' arguments, Nauhauser believes it would have far-reaching consequences for the entire industry. According to the rating agency Scope, most open real estate funds are currently assigned to the comparatively low risk classes 2 and 3.

From Nauhauser's point of view, the risk class should automatically be 6 due to the lack of monthly valuation of the properties according to current law.

In addition, the Tübingen law firm Tilp Rechtsanwälte is bringing proceedings under the Capital Investor Model Procedure Act (KapMuG). The aim is to clarify central legal questions on behalf of a large number of similar lawsuits.

The defendant Volksbank Dresden-Bautzen can appeal the verdict of the Dresden Regional Court within one month. When contacted by Handelsblatt, the institute has not yet commented.