If technical failures occur during a phase of high market volatility, many investors cannot carry out transactions at crucial moments. As a result, considerable financial losses arise.
Liability for technical disorders
Although the provision of functioning trading opportunities is an obligation of the online brokers, but: “Short failures are not automatically a liability case – however, there are concrete financial losses from the disruption, and claims for damages can exist,” explains lawyer Christian Grotz in a contribution from lawyer.de.
The legal assessment of such failures is based on a judgment of the Federal Court of Justice (BGH) of December 12, 2000 (Az.: XI ZR 138/00). This was a clause in the general terms and conditions (AGB) of a bank, which excluded the liability for technical and operational disorders. It was declared ineffective by the BGH, since such a clause means a disproportionate disadvantage for customers, because it also excludes liability if the bank was fault. Since then, such general liability -free drawings in the terms and conditions can be ineffective if customers should suffer financial damage through technical failures. However, the damage and responsibility of the broker must be proven.
Recommendations for action for those affected
In principle, users should document the fault in order to collect evidence. These include screenshots of error messages, time stamps of attempted transactions and correspondence with the broker. In addition, the financial damage incurred should be calculated. In addition, the broker’s customer service should be informed by describing the incident and the damage incurred.
If the broker does not react appropriately, further steps can be initiated. In order to assert the claim for damages, legal advice can be used, for example. A complaint can also be submitted to the Federal Financial Supervision (BaFin). “The complaint does not help those affected to harm, but they can help to ensure that the supervisory authority fulfills their task,” emphasizes Nils Neuhauser from the Baden-Württemberg Consumer Center. According to Bafin, “the provision of technically perfect trade and order systems is expected”, if this is not the case, measures are taken to adapt.
Editor finance.net