Journalists have treated Lyoness (now “Cashback World”) for a long time as a “pariah” and their latest press release has once again validated this deserved reputation. But have a look for yourself! Press release from the 31st of May 2015 The way Lyoness expresses itself in its latest press release is of almost unsurpassable arrogance. […]
The Supreme Court in Vienna has rejected the appeal On the 18th of May 2017, the Austrian Supreme Court in Vienna delivered a long overdue, 53-pages-long verdict (Verdict Supreme Court General T&Cs, Ref. no. 10 Ob 45/16i) regarding the General T&Cs of Lyoness and rejecting the appeal made by Lyoness. The verdict, which had been […]
In this blog entry, I will publish the latest press release by Lyoness, in which Lyoness comments on the verdict by the Austrian Supreme Court dealing with the company’s General Terms and Conditions. I will voice an opposing point of view, uncover any lies within the press release and will explain why many of the […]
All loyalty programmes (e.g. Miles&More) have to make financial provisions for non-monetary benefits like collected points or frequent flyer miles, as consumers can decide to redeem them at any point. As an example, Lufthansa has to set up millions on its balance sheet for its high-status miles-club members’ non-expiring frequent flyer miles. Depending on the […]
The court has made a very clear final decision in the case (case file 31 C 651/16z 11) which will surely apply to all damaged parties: They acted as consumers and never stood a chance of obtaining the advantages promised without recruiting new members. The court’s reasoning shows a comprehensive view of what happened. Several […]
As expected, Lyoness lodged an appeal against Salzburg District Court´s decision (31 C 651/16z – 11). The court of Appeal at the Regional Court Salzburg has now dismissed the appeal (22 R 351/16w) and confirmed that Lyoness is indeed a pyramid scheme. A further appeal at the Austrian Supreme Court (OGH) is not allowed.
After years investigating, the Austrian Prosecutor´s Office Against Economic Crime and Corruption (WKStA) has filed a criminal complaint against Lyoness’ founder Hubert Freidl at the Criminal Court Graz. Mr Freidl is being charged with not having published a prospectus in time for an investment subject to the obligation to publish one. Additionally, they requested the […]
If Lyoness is “reorienting” itself and focusing on Cashback, what have they been doing during the past 13 years? Why hasn´t Lyoness publicly responded to these questions?
Diners ended its relationship with Lyoness 4 weeks ago. Diners is only acting as “partner” in a sports event in June 2016.
“Greed is a tramp”, used to say a well-known Viennese bank manager. This describes best the current debacle of Lyoness in India. Thanks to the support – by inactivity – of the Prosecutor´s Office Against Economic Crime and Corruption back in Austria,
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