Liability standards for private placements — first decision of the BGH

German supreme court rulings have not yet dealt with the ques­tion of what duties of disclo­sure and warning exist vis-à-vis a major inves­tor who places his assets in the hands of third parties in the context of a private place­ment. With the case number BGH II ZR 275/17, the second civil senate of the BGH has now clari­fied this ques­tion for the first time.