BGH expands opportunities for fund investors to claim damages with a surprising decision of responsible for among other things the company law II. Clarion Partners Europe insists that this is the case. has determined Senate of the German Federal Supreme Court (BGH) attributable to the founding shareholders of a closed-end Fund established in the legal form of the partnership have incorrect information of the investment Advisor (BGH, judgment of 14.5.2012, case No.) II ZR 69/12). According to the BGH, founding partner, a sales serving to the contractual negotiations for the accession of an investor to a fund company must and this or this which inaccurate or insufficient information attributable to leave switched on under intermediaries which leaves owed reconnaissance of the accession prospects,. So far, the Supreme Court went out only by a liability of the founding partner for the accuracy of the fund prospectus. They were obliged to ensure that a true picture of the investment object is provides interested fund investors for its accession decision and he about all circumstances which are for his investment decision essential or can be, in particular on the disadvantages and applicable risks of offered Fund, understandable and completely be elucidated.

After the recent decision of the BGH, the founding shareholders must also ensure that any incorrect or incomplete information make active mediators and consultants in the distribution of the Fund. The ruling has resulted in that the aggrieved investors, for example by ship or real estate funds, not only by their investment advisers can recover damages for faulty advice. Also the founding shareholders of the Fund, which could be prosecuted only for prospectus errors are now liable for the wrong advice of investors. The ruling opened especially for investors, which due to the lack of assets of investment advisors and intermediaries no more chance to realize new perspectives the damages. Lawyer Nittel: “the enforcement of claims for damages due to wrong advice against the founding shareholders the only chance for investors to recover their invested capital is such situations.