Austrian law foresees a no-fault liability for certain agents. Financial institutions have previously been held liable for acts and omissions of “their” investment service providers, e.g. where they knew of a malpractice of the investment service provider. More recent case-law goes one step further: It is now established case-law that financial institutions are subject to a no-fault liability for those investment service providers with whom they have a close economic relationship. (6Ob84/15v)
Not too close, please
