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).
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About the author
Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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