Austria: No state liability vis-à-vis bank customers

January 2022 – Austria – TAIYO Legal 

The Austrian Constitutional Court ruled that the Republic of Austria is not liable for damages suffered by customers of an insolvent bank even if these damages were caused by poor supervision by an authority. Around 30 customers of Commerzialbank Mattersburg had filed for damages against the federal government. However, the relevant provision of the law is constitutional. The regulation and supervision of banks are aimed at protecting the functioning of the financial market, not individual investors. (Constitutional Court of 16.12.2021, file G 224/2021 et al.)

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This article is based on publicly available information and given for informational purposes only. It is not intended as legal advice or as a comprehensive analysis of the matters referred to herein.

TAIYO Legal – Dr. Alexander T. Scheuwimmer Rechtsanwalts GmbH

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