We receive a lot of enquiries from holders of securities that have defaulted or are not performing, and suspect many of the issuers and securities as being related to frauds.
2026 08 – Luna Capital ( formerly DESIAG / Cardea Europe AG ) DE000A3H2ZP5
Issued in our view for fraudulent purposes, with no prospect of repayment.
German investor rights groups, specifically the SdK (Schutzgemeinschaft der Kapitalanleger e.V.—Germany’s protection association for retail investors), publicly initiated legal scrutiny regarding the DE000A3H2ZP5 bond.
- SdK Investigation (October 2023): Following the October 2023 restructuring vote—which postponed maturity to 2028 and deferred coupon payments—the SdK issued a public press release calling for affected bondholders to bundle their interests. The group announced it was examining civil legal action to challenge the validity of the bondholder resolution.
- Criminal Claims Examined: Alongside civil claims, the SdK publicly stated it was evaluating criminal law remedies (strafrechtliche Schritte) against responsible executives. Their concerns focused on contradictory financial statements, a lack of audited financial reports, and misleading assurances regarding underlying collateral (including a parent company guarantee and claims about a gemstone portfolio).
- Individual vs. Class Action: Under German law, full U.S.-style class action lawsuits for retail securities do not exist in the same format. Instead, individual bondholders usually enforce claims either by pooling interests through specialized investor associations (like the SdK) or by appointing an official joint representative (Gemeinsamer Vertreter) under the German Bond Act (Schuldverschreibungsgesetz / SchVG) to litigate collectively.
2025 10 – Landstone B.V. DE000A2R3876
