German Bank Faces Lawsuits Over Massive Vault Break-In
Sparkasse Gelsenkirchen, a regional bank in western Germany, is currently facing lawsuits filed by victims who lost significant amounts of cash, gold, jewellery, and vital documents during a break-in last month. This potentially sets a precedent for future cases revolving around bank liability. The news of the lawsuits was lodged on Wednesday at the Essen regional court. You can stay informed about such updates by signing up for the European banks myFT Digest, which is delivered directly to your inbox. Simply sign up Here.
Details of the Break-In
The perpetrators, who remain unidentified and at large, were able to breach the bank’s vault over the Christmas holidays, making it one of the country’s largest-ever bank vault break-ins. The criminals managed to access more than 3,000 safe-deposit boxes undetected for at least two days, making away with goods ranging from family heirlooms to hundreds of thousands of euros in cash and gold.
The Lawsuits
These lawsuits are intended to serve as test proceedings on behalf of over 600 victims. The lawyer representing the claimants, Daniel Kuhlmann, stated that the cases were designed to establish whether the bank failed to meet required security standards and could therefore be held fully liable for the losses suffered by its customers.
Claimant Losses
The claimants include a former property owner who lost almost €400,000 in cash from an apartment sale, which was stored alongside jewellery. A company director claimed a loss of cash, gold bars and a luxury watch worth more than €100,000. A public-sector employee claimed to have lost gold and collectible coins worth about €50,000. Unfortunately, the contents of each box were only insured for up to €10,300.
Liability of the Bank
Under German law, savings banks can be held liable for the entire damage if negligence is proven. Kuhlmann argued that Sparkasse Gelsenkirchen did not adequately secure the vault or properly implement its security procedures, citing alarms that were triggered but did not lead to detecting the crime, among other failures.
Investigation Progress
Gelsenkirchen police have created a special task force comprising about 350 officers working on the investigation, which is expected to take weeks. The task force has rented extra office space to interview victims and has questioned about 130 Sparkasse Gelsenkirchen employees, as well as firefighters, residents and other potential witnesses. Officers are also pursuing more than 600 leads and reviewing video footage.
Bank’s Response
Sparkasse Gelsenkirchen has declined to immediately comment on the lawsuits since it has not yet been formally served. The bank stated that it is currently focusing on supporting the affected customers. The police are also investigating whether undeclared cash had been stored in the vault.
More information about this case can be found Here.
