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In my blog post “Can so-called warning associations do anything? – On the liability for damages of warning associations such as the Association of Social Competition (VSW)” I had already reported from practical experience on the fact that so-called warning associations – covered by the courts – are still acting to the detriment of market participants.
With its recent action against influencers, the Association of Social Competition (VSW) has attracted a lot of media attention and thus – unintentionally – finally brought movement to the question of what warning associations may and may not do. The “Handelsblatt” has now – also with my support – in its latest weekend edition of March 15/16/17, 2019 provided valuable clarification regarding the questionable actions of the VSW.
The legal consequence of the actions of VSW and, of course, of any other warning association can be, as I have explained in my article mentioned above above, may include an obligation to pay damages to injured market participants.
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Landmark ruling by the BGH on the law of company acquisitions (judgment of September 26, 2018, case no. VIII ZR 187/17, reasons for judgment pending):
The purchase of shares is a legal purchase to which the rules on liability for material defects generally do not apply. An exception only applies if the object of purchase is the entire company or, in the case of the purchase of shares, (almost) all shares. Contrary to a long-standing misconception in legal literature and the courts of lower instances, it is not sufficient if the purchaser holds all or almost all of the shares in a company as a result of the transaction.
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