August 23, 2018 / 2:44 PM / 4 months ago

Germany's CTS Eventim hit by court ruling on ticket fees

FRANKFURT, Aug 23 (Reuters) - Shares in ticket agency CTS Eventim fell by as much as 10 percent on Thursday after Germany’s Federal Supreme Court ruled that the fees it charges for printing out tickets ordered online are illegal.

A consumer rights watchdog had brought the case against Eventim over its 2.50 euro ($2.86) fee for printing tickets at home. It added the judgment set a precedent that would protect fans.

“As prices explode, tickets for popular artists are increasingly becoming a luxury,” said Wolfgang Schuldzinski, head of the Verbraucherzentrale in the state of North Rhine-Westphalia.

“This judgment will put an end to the sharp practices of some promoters who take money from fans’ pockets with extra charges.”

The court also found a ‘premium’ delivery fee of 14.90 euros charged on tickets to Australian rock band AC/DC’s 2015 tour to be illegal, as they were sent out by regular post, according to the watchdog.

“We acknowledge this judgment by the Federal Supreme Court and will implement it,” said a spokesman for Eventim, which is listed in the MDAX share index and had a market value of $4.2 billion at Wednesday’s close.

Shares in Eventim were trading down 6.5 percent at 1414 GMT after earlier hitting their lowest level since March 2017. ($1 = 0.8744 euros) (Reporting by Alexander Huebner and Joern Poltz Writing Douglas Busvine)

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