Liability for Incorrect Financial Information: Theory and Practice in a General Clause System and in a Protected Interests System

Abstract

This paper is a comparative study of the remedies available for economic losses caused by incorrect financial advice or information in a system of extracontractual liability working with General Clauses (French law), and two other systems working with restrictive concepts of tort liability intended to relativise the protection of economic interests (English and German law). The extent to which recovery for such losses is allowed in the three legal systems is analysed and compared, and the practical significance of the conceptual differences considered. Additionally, the paper discovers the emergence of the new idea of voluntary assumption of responsibility as a foundation of tort liability serving different dogmatic and legal policy goals in English and German law.