Liability of Rating Agencies Under German and European Law
Research output: Contributions to collected editions/works › Contributions to collected editions/anthologies › Research › peer-review
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Certification – Trust, Accountability, Liability. ed. / Peter Rott. Cham: Springer Nature, 2019. p. 231-250 (Studies in European Economic Law and Regulation; Vol. 16).
Research output: Contributions to collected editions/works › Contributions to collected editions/anthologies › Research › peer-review
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RIS
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 -