June 18
2021
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Anjum Shabbir
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17th May 2021
Justice & Litigation

Op-Ed: “‘Place where the harmful event occurred’ and financial damage connected to breaches of obligations to disclose information by an issuer of securities: no jurisdiction if the defendant was not subject to such obligations in the State where the investment account was located?” by Enrique Vallines

The interpretation of Article 7(2) of the Brussels I-bis Regulation 1215/2012 has led to a number of uncertainties when it comes to determining the place where the harm has occurred (the Erfolgsort) and the harm in question is ‘purely financial’, that is, it is a loss of money with no connection to a tangible object (cf. VKI v Volkswagen, C‑343/19, paragraphs 32-35). In such cases, claimants have often argued that the harm should be deemed to have occurred at the place of the location of the bank or investment account where the financial loss was directly reflected – this place frequently coinciding with the claimant’s domicile.

The Court of Justice has accepted this argument partially since it has also indicated that the locatio

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