Why no class action lawsuits?
Again and again we hear that class action lawsuits against providers of damaged investors are performed. Are there any class action lawsuits in Germany?
The term has become common, even though he has no place in the German legal language. There are no class actions in Germany. Also, the process used in the telecom investors patterns Procedure Act (KapMuG) is not a class action, a special pattern-action. .
If the word "class action" has yet found such a wide spread in the German language, it will be up to the U.S. Attorney series, carrying the American jurisprudence nightly into living rooms. But there seems to be a need for it to act in a unified process with other applicants, together with a trader in the investment market in Germany. It is hard to see for the laymen, that everyone must complain, although the court to conclude that a fact as proved, to all the other victims of the provider is equally applicable.
Currently, there are certainly such considerations in the European Union, where almost half of the Member States authorize "class actions". In Germany, the so-called draft class action exists, which is discussed in the parliamentary committees.
To use the legal instrument of a real class action lawsuit in the German judicial practice applies, years will pass yet certainly.
However, it is possible to combine actions with the same facts against the same defendant. The lawyers active in protecting investors know that complex issues can only be regularly informed and proved them when there is a large number of cases available. It is obvious that the documents of hundred injured investors more evidence will be found as., The documents of an individual investor
In addition, the evidence of institutionalized collaboration requires that the Bank has financed a number of investors in a body of facts. The sheer number of cases to a body of facts against a defendant is thus an objective advantage for the investigation of a complex case and the evidence of those facts. This fully applies even in legal terms as if the actions are bundled and individual actions remain and therefore only gain between the plaintiff and the defendant validity.
The success of each individual plaintiff's rise dramatically if he can draw support of his action from the fundus of hundreds of other evidence of other third parties and has a lawyer that can deal exclusively with this topic. Since each aggrieved investors can sue only once, it is of vital importance to him that he must rely on a lawyer's care, which may use a maximum of evidence. Also for the management of settlement conference, it is often useful when large number of cases are included. It increases the pressure for agreement.
If one understands the term "class action" in this sense, then it can be said that class actions are practiced in German law for some time with good success for the affected investors. Resch lawyers have years of experience in the process and comparative legal case handling of large complexes with hundreds, even thousands of participants.
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