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Reimbursement claim for Kickbacks: Further clarifications
What? In 2006, the Swiss Federal Supreme Court clarified that banks and asset managers are obliged to hand over kickbacks (also known as commissions, retrocessions, etc.) that they receive from providers of financial investments to their clients. This applies in any case unless an express agreement to the contrary has been made. The reason for…
Cancellation of AT1 bonds issued by Credit Suisse
The infamous “AT1 bonds”, which were cancelled by FINMA, were not only held by large investors, but – surprisingly – also by common investors. This is surprising because these investments were not suitable for ” common ” investors due to the risk of total loss of the investment. FINMA described these bonds as follows: Instruments…
Margin Call after Ruble Collapse
In its ruling of 26 January 2023, the Federal Supreme Court once again had to deal with a margin call, i.e. the bank’s request to the client to pay an additional margin. A client had concluded forward exchange transactions and exchanged Swiss francs for Russian roubles. When the rouble depreciated on 16 December 2014, the…
Damages in the case of a missed investment
The following case drastically illustrates the difficulties and procedural risks involved in a claim for damages when the damage has to be based on hypothetical facts: Prior to Twitter’s IPO in November 2013, a client instructed his bank to buy 25,000 shares at a price of USD 25 per share. The bank confirmed on 6…
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Swiss Investor Protection Law 