OPPENLÄNDER wins for banks against BaFin
OPPENLÄNDER has successfully led a model case for three savings banks and three Volksbanks in close co-operation with the German Savings Banks and Giro Association (DSGV) and the Federal Association of Volksbanks and Raiffeisenbanks (BVR) against a general ruling of the Federal Financial Supervisory Authority (BaFin). The case was led by Prof Dr Christofer Lenz and Dr Henrike Schulte, with the assistance of lawyer Julia Felger.
BaFin’s general ruling concerned the handling of so-called premium savings contracts. According to BaFin, this involved around 1 million contracts. More than 1100 credit institutions have lodged an objection to the banking supervisory authority’s ruling, mainly savings banks, but also Volksbanks and private banks. In coordination with the two associations of savings banks and Volksbanks, OPPENLÄNDER Rechtsanwälte conducted a test case and won at first instance. The appeal to the Hessian Administrative Court was authorised.
Press release of the administrative court
