Understanding Director & Officer Liability in Germany for Dissemination of False Information: Perspectives from an Outsider

German Law Journal, Vol. 4, No. 5, 2003

37 Pages Posted: 18 Nov 2003

Abstract

This essay deals with the topic of director & officer liability for the dissemination of false information in Germany in the form of ad-hoc disclosures. From the perspective of an American trained attorney, it is surprising to note that there is, to date, very little - quite possibly zero - real personal civil liability in this area for directors & officers of publicly traded companies, however limited criminal sanctions do exist. The essay discusses the lawmaking which is underway in Germany to increase civil liability. After a review of the laws which govern the dissemination of false information, the essay reviews five German cases: Infomatec, EM.TV, Metabox, Comroad and Deutsche Telekom as examples of cases where criminal sanctions for management appear to be much more likely than civil liability.

Keywords: Director Officer Liability, Germany, Metabox, Comroad, Deutsche Telekom, Infomatec, em.tv

JEL Classification: K2

Suggested Citation

Ryan, Patrick, Understanding Director & Officer Liability in Germany for Dissemination of False Information: Perspectives from an Outsider. German Law Journal, Vol. 4, No. 5, 2003, Available at SSRN: https://ssrn.com/abstract=450640 or http://dx.doi.org/10.2139/ssrn.450640

Patrick Ryan (Contact Author)

Berkeley Law ( email )

United States
303-669-5710 (Phone)

Stanford University ( email )

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