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Time and again we report on cases of unfair advertising by “investor protection law firms” or other media that are – actually or only ostensibly – committed to consumer protection.
Investment law is a lucrative field for enterprising lawyers.
Due to the often high investment sums, there are accordingly numerous potential clients whose “support” does not require individually coordinated legal work in individual cases due to the comparability of the cases, but can often be “provided” with the help of ready-made letters and statements of claim. In addition, many investors have legal expenses insurance that covers the costs of legal advice – regardless of its success.
Cases of unlawful solicitation/reporting are piling up – over 150 cases in the last 2 1/2 years
In the last 2 1/2 years, we have conducted well over 150 proceedings for our clients against initiators of unlawful advertising or reporting, including not only dubious media, but also Stiftung Warentest, the Google search engine and, regrettably, numerous colleagues; the majority of these proceedings have been successful. See also our article from 14.6.2016 – LHR obtains preliminary injunction against “Anlegerschutzkanzlei” for false press release.
Lawyer refuses to correct incorrect advertising article accordingly
In a recent case, an “investor protection lawyer” attempted to solicit clients to the detriment of our clients on the basis of inaccurate facts that he had not verified himself but had taken from a television report produced by the MDR. However, the television report had already been banned and removed from the media libraries on the basis of an interim injunction obtained by our law firm.
Since the lawyer refused to issue an adequate cease-and-desist declaration even after being informed of the inaccuracy of his report, an application for a temporary injunction was necessary, which the Hamburg Regional Court issued immediately (LG Hamburg, Beschluss v. 20.6.2016, Az. 312 O 282/15).
In the event of non-compliance, the lawyer faces a fine of up to EUR 250,000. The decision is not legally binding. The amount in dispute was set at € 50,000.00.
Lawyer Arno Lampmann from the law firm LHR:
“It cannot be said often enough. Sometimes there are good reasons to doubt the prospects of success of an investment. These do not even have to be due to bad faith on the part of the provider. It is therefore often advisable to seek legal advice. However, the persistence with which certain law firms advertise for mandates in disregard of legal regulations also shows how lucrative the “investor protection” business area is. Lawyers earn their fees regardless of the outcome of the “advice” they provide, which is often also covered by legal expenses insurance. It is therefore all the more pleasing that the courts are taking the interests of the companies concerned seriously and are immediately putting a stop to unlawful measures.”
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