The plaintiff brought an action for damages because of losses in stock exchange transactions. The regional court stated the international jurisdiction of German courts pursuant to Art. 5 no. 3 Brussels I.
The Higher Regional Court confirmed the Regional Court’s judgment. It stated that the place where the harmful event occurred within the meaning of Art. 5 no. 3 Brussels I was in transactions concerning financial intermediation the place where the client has been recruited and informed about the risks being connected with the transactions.
The plaintiff has been recruited and informed about the stock exchange transactions in Germany. Therefore the action causal for the loss has occurred in Germany. In the present case the actions which lead to the damage had also been undertaken in Germany. Therefore the place where the harmful event occurred lies in Germany. The court correctly assumed its international jurisdiction.