VEB v BP: Centralisation of special jurisdiction in case of purely financial damages resulting from misinformation spread on the secondary securities marketTess Bens1
Case Note: C-709/19, ECLI:EU:C:2021:377
The judgment of the CJEU in VEB v BP confirms that the occurrence of purely financial loss in a bank account or investment account is in itself insufficient to allocate jurisdiction on the basis of Article 7(2) of the Brussels Ibis Regulation to the courts of the Member State where that account is held.2 Provided that these losses result from investment decisions taken as a result of misinformation spread on the secondary securities market by a listed company domiciled in a Member State, only the courts of the Member States in which that company has complied with statutory reporting obligations for the purpose of its listing on the stock exchange, can have jurisdiction on the basis of the place where the damage occurred. The latter connecting factor is far more suitable for collective claims than the place where an investment account is held, as it localises purely financial damage in a single place. ...
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