Case studies

“Data thefts” still find their ways into the headlines. From time to time, CD’s with data stolen from banks or financial services providers, specifically in Switzerland or Liechtenstein, appear and are offered to and bought by (specifically) German tax authorities. Regularly, this leads to massive tax payments and potential penalty payments due to the client. However, the question whether the bank or the financial services provider whose data has been stolen can be held liable by the client has in the meantime been solved by Liechtenstein court precedents. The Liechtenstein Courts have found in a number of cases that the payment of taxes and the obligation to do so does, in general, not constitute a reimbursable “damage” in the sense of the law. A different view might then be taken if the bank or financial services provider knew of a data theft, was obliged to inform its clients but failed to timely inform clients.