TY - CHAP

T1 - Liability of Rating Agencies Under German and European Law

AU - Halfmeier, Axel

PY - 2019

Y1 - 2019

N2 - After the 2008 financial crisis, rating agencies were identified as one of the main actors that contributed to the crisis. In various proceedings—some of which are still pending until today—the question of their liability vis-à-vis investors was raised. Investors who have suffered losses in the crisis claim that they had relied on false ratings that were produced by the rating agencies on request of the issuing institutions. This chapter analyses such claims with regard to jurisdiction and applicable law, and discusses substantive German law on this question. In addition, the recent European legislation on rating agencies’ liability and its relation to member states’ private law is covered.

AB - After the 2008 financial crisis, rating agencies were identified as one of the main actors that contributed to the crisis. In various proceedings—some of which are still pending until today—the question of their liability vis-à-vis investors was raised. Investors who have suffered losses in the crisis claim that they had relied on false ratings that were produced by the rating agencies on request of the issuing institutions. This chapter analyses such claims with regard to jurisdiction and applicable law, and discusses substantive German law on this question. In addition, the recent European legislation on rating agencies’ liability and its relation to member states’ private law is covered.

KW - Law

U2 - 10.1007/978-3-030-02499-4_11

DO - 10.1007/978-3-030-02499-4_11

M3 - Contributions to collected editions/anthologies

SN - 978-3-030-02498-7

T3 - Studies in European Economic Law and Regulation

SP - 231

EP - 250

BT - Certification – Trust, Accountability, Liability

A2 - Rott, Peter

PB - Springer Nature

CY - Cham

ER -