must adhere financial advisor if they sell securities with a calculated false return - even if the fault is not their own. The decided the Bundesgerichtshof (BGH) in a landmark decision (document number: III ZR 144/10). In the particular case in 1997 bought a couple for 75,000 Deutsche Mark (€ 38 300) shares in a closed-end funds and financed it through a bank loan.
had earlier said the financial adviser for the spouses, the expected return based on a model bill that was created by the fund provider. Depending on how much would the rent will rise, the value of the investment increase steadily by 3 to 4 percent, and promised the counselor.
The model calculation showed, however, a serious error. Because the fund provider went from an initial value from € 38 300. This, however, was only € 29 400, withheld since the rest for commissions, fees and other charges was. The applicants had therefore not yet reached an appreciation of 3 percent, even after ten years of their investment amount of 38 300 euros, credited before the Federal Court.
The consultant should have noticed the error in an approximate verification of the numbers of the scheme operator must, the court ruled. Therefore, the consultant responsible for the loss of spouses.
Source: www.dasinvestment.com
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