CHSH Cerha Hempel Spiegelfeld Hlawati successfully represented the OeNB in proceedings against the former Riegerbank regarding claims for damages made as a result of the OeNB’s refusal to issue authorisation for foreign exchange trading. All claims for damages were dismissed with binding effect. The legal dispute lasted 21 years.
The OeNB has won its case against the former Riegerbank following a legal dispute lasting more than 21 years. The claims made by Riegerbank on account of the OeNB’s decision not to issue authorisation for foreign exchange trading, for which Riegerbank had applied, were dismissed with binding effect. In total, Riegerbank had claimed a sum of more than EUR 23 million plus interest.
The OeNB was advised on legal issues by CHSH Partner Dr. Peter Vcelouch. “The legal dispute was characterised by the extreme complexity of the facts of the case and the sheer amount of evidence”, said Dr. Vcelouch.
Alongside the civil law proceedings brought by Riegerbank, a number of administrative proceedings were initiated, in the Administrative Court and Constitutional Court respectively.