
GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London grprainer.com/en conclude: If an investor buys shares in an investment company, the founding limited partner is liable, even though he uses a broker. This is what the BGH ruled in a judgement of May 14, 2012 (File number: II ZR 69/12). The BGH explained that under section 278, German Civil Code (BGB), the founding partner has to accept responsibility for the conduct of an investment broker who is appointed through a distribution firm with which the company is collaborating. This also applies when sufficient information is already provided in the prospectus because the partner is responsible for providing information as a future contracting party of the investor. At least, according to the Court, that applies if the partner in question is also authorized to make important decisions for the company.