Wednesday, 26.09.2007
The Federal Supreme Court has ruled: Banks owe in closed participation unsolicited a customer information if the acquisition price is almost twice as high as the value of the investment due to hidden commissions. The financing bank is obliged to provide information if it is aware that further commissions are paid in addition to the sales costs stated in the prospectus. Because thereby the investor is deceived over the Werthaltigkeit of the fund portion, so Dr. Johannes Fiala, attorney from Munich. This also applies to payments via third parties, such as a founding shareholder of the fund, if these hidden commissions affect the value of the capital investment and are ultimately included in other costs for the use of funds (Case No.: XI ZR 243/05).
(marktundmittelstand.de (26.09.2007))
Courtesy of www.marktundmittelstand.de.
Banks liable for hidden commissions
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