Statutory Health Insurers and Associations of Statutory Health Insurance Physicians Lose at Least 170 Million Euros Through Real Estate Funds

Among the confirmed investors are the KKH (47.4 million), the Kassenärztliche Vereinigung Baden-Württemberg KVBW (50 million between 2019 and 2022), the KV Hessen (30 million), the KV Schleswig-Holstein (16 million), the BKK Gildemeister Seidensticker (7.9 million), Novitas BKK and MKK Meine Krankenkasse (5 million each), as well as IKK Südwest (2 million). AOK Bremen, Bahn BKK, BKK Pfalz, Siemens BKK, and Viactiv Krankenkasse also invested but declined to disclose amounts. KV Berlin, KV Bremen, and KV Westfalen-Lippe (KVWL) likewise refused to disclose their investment sums.

According to the statement of claim, "96,3 Prozent der investierten Anlagegelder" were lost. Despite the low-interest phase, the funds allegedly paid out returns of up to seven percent, according to the involved financial institutions. The providers told the court that the health insurers and KVs had received "mehr als 7 Prozent" interest per year.

Lawsuits Before the Regional Court of Frankfurt

Several insurers and KVs are now going to court. In addition to KVBW and KV Hessen, the health insurers KKH, BKK Gildemeister Seidensticker, and Pronova BKK have also filed suit at the Regional Court of Frankfurt. They are all represented by the law firm Hogan Lovells from Munich. KVBW is suing, among others, Hauck Aufhäuser Lampe Privatbank. A hearing date has already been set, but not until December.

The statements of claim read almost identically. They refer to "persönliche Treffen" and "diverse Telefonkonferenzen," in which the insurers and KVs were assured that the investments were safe and complied with the investment regulations of the Social Code. The plaintiffs' attorney argues that the insurers and KVs were "vorsätzlich getäuscht," as the parties affected were repeatedly promised a low-risk investment in telephone conferences. "Die vorgelegten Investitionsunterlagen vermittelten den Eindruck, dass es sich um eine sichere, konservative Anlage handelte."

KVBW accuses the financial firms of having "vorsätzlich getäuscht" it about the risk. In response to detailed inquiries, KVBW replied with only a single sentence: "Die KVBW äußert sich grundsätzlich nicht zu ihren Finanzanlagen." KVBW also did not want to answer whether the responsible board had reviewed the investment independently. According to its own figures, KVBW distributes around five billion euros per year from the health insurers to physicians.

Reactions and Responsibilities

The bank involved rejected the accusation of deception but declined to comment on individual cases. Hauck Aufhäuser Fund Services S.A., also a defendant, explained that investments in products of the type described are only possible on the basis of prospectus and/or contract documents with which investors are comprehensively informed in advance about their character, the associated risks, and the existing independent review obligations. According to the report, many of the affected health insurers and KVs refuse to provide specific information about their investments and the lost funds.

KV Westfalen-Lippe has since parted ways with the board member responsible for the investments and is suing him for damages. The Regional Court of Dortmund confirmed to NDR, WDR, and Süddeutsche Zeitung that KVWL accuses him of having violated internal investment guidelines and is demanding many millions of euros from him.

Legal Framework and Political Response

Independent financial expert Stefan Loipfinder explained that the financial instruments were "definitiv nicht geeignet" for insurers and KVs that had invested hundreds of millions in the Verius funds. Sozialgesetzbuch IV stipulates that the investment of contribution funds must be especially low-risk, as conservative and low-risk as possible, so that "a loss appears excluded."

Green Party Bundestag member Paula Piechotta said the case "untergräbt das Vertrauen in die Krankenkassen und ihre Fähigkeit, mit Geld umzugehen." The research by NDR, WDR, and SZ was published on Friday, and the AFP agency picked up the report.