Questão jurídica principal
Whether the cantonal court acted arbitrarily by finding that the issuer's management was not proven to have immediate knowledge of the downturn.
Decisão extraída
No. The contested fact was irrelevant to the bank's liability, because the relevant question was what the bank knew or could know; the challenged finding could not make the judgment arbitrary in result.
Fundamentação extraída
The prospectus-author liability depended on the defendant bank's own fault under Art. 1156 para. 3 CO. Knowledge of the non-party issuer could not automatically be imputed to the bank, and the evidence did not show that the bank had been informed of the adverse trend.