Finding Nemo: Locating Financial Losses after Kolassa/Barclays Bank and Profit
M. Haentjens & D.J. Verheij, ‘Finding Nemo: Locating Financial Losses after Kolassa/Barclays Bank and Profit’, JIBLR 2016-6, p. 346-358
Hazelhoff Research Paper Series No. 8
35 Pages Posted: 13 Jun 2016
Date Written: June 10, 2016
This contribution concerns prospectus liability and critically analyses the CJEU’s recent Kolassa and Profit judgments as well as pending case Universal Music. The authors argue that jurisdiction and choice of law clauses in a prospectus must be upheld and that Kolassa is wrong to conclude that there is no agreement and no freely assumed legal obligation between the issuer and the (ultimate) investor. Moreover, they propose a radical new approach to the location of financial losses.
Keywords: 7(2) Brussels I Regulation, CJEU, conflict of laws, financial law, financial losses, Kolassa/Barclays Bank, location of financial losses, Private international law, Profit Investment/Ossi et al., prospectus liability, Universal Music International Holding BV/X
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