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Life insurance: ruined by their investment, holders of the H2O company demand accountability
Life insurance: ruined by their investment, holders of the H2O company demand accountability
(France 2)
Several thousand savers are trying to find their money invested in the management company H2O in London. Legal actions are underway.
Six years ago, Yoann Massias invested nearly 2,000 euros in life insurance. In 2020, the engineer decides to recover this money to buy a property. “On the contracts, the money was blocked”he says. After four years of fighting, he was able to recover barely 10 euros. His insurance in Lyon placed the funds in the management company H2O in London. This invests in various companies, such as Tennor in Germany, a company with debt. Prices collapse, leading to the fall of H2O investments. The Financial Markets Authority takes up the matter and freezes part of the funds.
In total, 10,000 holders denounce illegal investments by H2O in private companies, contrary to their contract. “More than 2 billion euros were lost in private debt”summarizes Dominique Stucki, lawyer for the Porteur H2O collective. Since then, H2O has been fined a record 93 million euros. The group, which appealed, offers to reimburse up to 250 million euros on condition of renouncing legal proceedings. The carriers are demanding 2.6 billion euros.
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