{"id":3085,"date":"2025-11-24T15:30:14","date_gmt":"2025-11-24T14:30:14","guid":{"rendered":"https:\/\/www.uni.lu\/lcel-en\/?post_type=news&p=3085"},"modified":"2025-11-27T09:01:51","modified_gmt":"2025-11-27T08:01:51","slug":"investor-compensation-in-case-of-false-information-understanding-europes-different-approaches","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/lcel-en\/news\/investor-compensation-in-case-of-false-information-understanding-europes-different-approaches\/","title":{"rendered":"Investor compensation in case of false information: Understanding Europe\u2019s different approaches"},"content":{"rendered":"\n
\n

When the Volkswagen \u201cDieselgate\u201d scandal broke in 2015, it was initially an environmental and consumer-protection crisis. Yet it quickly reached far beyond emissions testing. As the scale of the manipulation became public, Volkswagen\u2019s share price dropped by around 40% in two weeks, wiping out billions in market value.<\/p>\n\n\n\n

For investors who had relied on the company\u2019s published information, the collapse raised questions about responsibility, compensation, and the legal principles governing capital markets.<\/p>\n\n\n\n

Although the \u201cDieselgate\u201d is now a decade old, the legal issues it raised remain relevant:<\/p>\n\n\n\n

\nHow should investors be compensated when published information turns out to be inaccurate? Which legal principles apply? Do European systems handle these cases in similar or different ways?<\/h3>\n\n\n\n

We spoke with Prof. Pierre-Henri Conac<\/a> (Professor of Financial Markets Law at the University of Luxembourg) and Enrico Sartori<\/a> (Doctoral researcher at the Luxembourg Centre for European Law), who produced a comparative law report on investors’ compensation in case of false information on capital markets, upon the request of the Legal High Committee for the Financial Markets of Paris (HCJP<\/a>).<\/p>\n\n\n\n

The HCJP was jointly established by the French Financial Markets Authority (AMF) and the French Central Bank. It is a committee composed of lawyers, academics, and other qualified individuals.<\/em><\/p>\n\n\n\n

Prof. Conac formed and chaired a working group who carried out a comparative study of liability regimes in Germany, Italy, Spain, the Netherlands and the United Kingdom, alongside a comprehensive assessment of French law.
The report also reviews emerging EU legislation and CJEU case law, which increasingly influence national rules on investor protection<\/p>\n\n\n\n

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  • \n HCJP Report<\/a>\n<\/li>\n<\/ul>\n<\/div>\n\n\n\n
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    \n \n \n Prof. Conac, before we turn to the report itself: could you briefly explain what is meant by \u201cinvestors\u2019 compensation in case of false information on capital markets\u201d? What kinds of situations are we talking about?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    Investors\u2019 protection is at the heart of the development of financial markets. Without protection, especially of retail investors, there can be no thriving capital markets. To this end, the EU legislator has established extensive rules governing the information that must be disclosed to investors. For example, through prospectuses for the offer to the public of financial instruments, financial reports, and press releases on important matters.
    However, such communications may contain false or misleading information. Think for instance of a listed company claiming that it has achieved a certain high turnover, which then turns out to be false. In these cases, what are the legal consequences once the misrepresentation is discovered, and the price of the stock has fallen, sometimes significantly? For instance, how much money can investors recover from the company? These are among the questions the report addresses.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

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    \n \n \n What makes this topic an area where a comparative study was needed? Was there a particular concern that led the HCJP to create the Working Group?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    Civil liability for misrepresentation is not governed in detail by EU legislation, but is essentially left to Member States. Is it appropriate in a single financial market to have such a legislative patchwork? As the EU is trying to build a Savings and Investment Union (SIU), the issue is particularly timely.
    The national regimes in our reference jurisdictions differ substantially, and are not very well known outside of each country. Convinced of the importance of such rules for financial markets development, the HCJP wished to have a thorough discussion on the different available approaches and asked me to establish a working group on this topic with the help of Enrico Sartori.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

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    \n \n \n The report compares several foreign legal systems with the French regime, where compensation is based on the \u201closs of chance\u201d doctrine. How does this French approach differ from the systems you examined?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    The French approach, which dates back to 2003, appears isolated in Europe. It implies that investors are only compensated for the loss of chance<\/em> to make another (better) investment. As a result, in France compensation remains largely theoretical and arbitrary, unlike in other jurisdictions, where investors are compensated for their actual losses<\/em>.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

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    \n \n \n The Working Group did not formulate recommendations. Instead, it provided a basis for reflection. What kind of debate would you like this report to generate at European level?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    Views are sharply divided on whether civil liability should be harmonised at the European level, and thus whether Member States\u2019 laws should be uniformed. By expanding knowledge of the different domestic systems, the report helps advance the debate and can support developments in Member States. The findings of the report are also of interest for Luxembourg, given its role as a major financial center.
    The study may also inform the Commission\u2019s current inquiry on civil liability for defective prospectuses. The Commission is in fact presently examining whether further EU-level harmonisation in this area is advisable.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

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    \n \n \n Enrico, your study looks at Germany, Italy, Spain, the Netherlands and the United Kingdom. What guided the selection of these jurisdictions, and how did you ensure that such different systems could meaningfully be compared?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    Each of the jurisdictions plays a significant role for Europe\u2019s capital markets. Germany, Italy, Spain, and the Netherlands are the major jurisdictions in Western Europe. The United Kingdom, while no longer in the EU, hosts the continent\u2019s most vibrant capital market. Together, they offer a very representative spectrum embracing \u201cNapoleonic\u201d, Germanic, and common-law legal traditions.
    Still, in all these jurisdictions the relevant liability rules were at least partially shaped by EU-wide legislation such as the Prospectus Regulation. The comparison can thus typically start from a shared \u2013 even if sometimes narrow \u2013 common basis.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

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    \n \n \n When you analyse how these countries might handle claims in a case of misrepresentation on capital markets, what are the most striking similarities and differences in their approaches to liability and damages?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    A key difference concerns fault. Plainly, listed companies are liable if they act intentionally<\/em>. But what if they do so negligently<\/em>? Some countries (Italy, Spain, the Netherlands) tend to hold issuers liable even in case of simple<\/em> negligence. Instead, Germany and the UK sometimes require gross<\/em> negligence, or even limit compensation to cases where investors prove intent<\/em>. Clearly not the easiest element to demonstrate.
    Similarities emerge however in the calculation of compensation. Typically, an investor who can prove to have purchased shares only because of the misrepresentation is fortunate. In that case, compensation equals the full purchase price: the investor is restored to its pre-acquisition economic position. Otherwise, the investor may only recover the difference between the inflated price and the \u201cfair\u201d price he or she would have paid in a correctly informed market.
    Finally, procedural rules make a significant difference. Countries with regimes more favourable to collective claims (such as the Netherlands) enable damaged investors to exercise their right to compensation more effectively.<\/p>\n <\/div>\n <\/div>\n<\/div>\n\n

    \n

    \n \n \n The report shows that EU law and judgments of the Court of Justice of the EU (CJEU) are influencing the rules on liability and compensation in capital markets. From your perspective, how do CJEU judgments shape this field?<\/strong> <\/span>\n\n <\/use><\/svg> <\/button>\n <\/h3>\n
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    So far, EU legislation has harmonised only very limited aspects of civil liability rules in capital markets. For example, the Prospectus Regulation just requires that damaged investors can sue listed companies if the latter included defective information in a prospectus. As long as some<\/em> civil liability regime is in place, its details are left to the discretion of each EU Member State. They can thus design (or leave in place) national specificities.
    The Court of Justice of the European Union has a gently steering role. For instance, in the 2021 Bankia v. UMAS<\/em> judgment, the CJEU ruled that Member States can allow also professional investors to sue on the basis of a defective prospectus. Before, the point was debated, because EU legislation presents the prospectus as a document directed to non<\/em>-professional investors. The CJEU thus favoured a protective stance towards all types of investors.<\/p>\n <\/div>\n <\/div>\n<\/div><\/div>\n\n\n\n

    <\/p>\n\n\n\n

    The insights shared by Prof. Conac and Enrico Sartori show that the questions raised by major market disruptions are addressed within a legal landscape that remains fragmented. When false or misleading information affects investment decisions, the outcome for investors still depends heavily on national rules, how liability is defined, how damages are calculated, and how easily claims can be brought.
    The HCJP report makes these differences visible and helps clarify where European jurisdictions align and where they diverge. While EU legislation and CJEU judgments increasingly shape the field, much of the responsibility for investor protection remains with Member States.<\/p>\n\n\n\n

    As the EU pushes forward with its Savings and Investment Union, understanding these national approaches becomes essential. The work led by Prof. Conac and Enrico Sartori provides a solid basis for these discussions.<\/p>\n\n\n

    <\/div>\n\n
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      \n \n\"\"\n <\/figure><\/div><\/div>
      \n \n
      <\/div>\n

      \nProf. Pierre-Henri Conac<\/h3>\n\n
      Luxembourg Centre for European Law<\/div>\n
      Professor <\/div>\n
      Company Law | Comparative Company Law | Financial Regulation | Securities Regulation<\/div><\/div> <\/div>\n <\/div>\n<\/li>
    • \n
      \n
      \n
      \n \n
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      \n \n\"\"\n <\/figure><\/div><\/div>
      \n \n
      <\/div>\n

      \nEnrico Sartori<\/h3>\n\n
      Luxembourg Centre for European Law<\/div>\n
      Doctoral Researcher<\/div>\n
      Company Law I Financial Regulation<\/div><\/div> <\/div>\n <\/div>\n<\/li><\/ul><\/div><\/section>\n\n\n\n

      <\/p>\n","protected":false},"excerpt":{"rendered":"

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