Financial services litigation—Switzerland—Q&A guide
Financial services litigation—Switzerland—Q&A guide

The following Dispute Resolution practice note provides comprehensive and up to date legal information covering:

  • Financial services litigation—Switzerland—Q&A guide
  • 1. What are the most common causes of action brought against banks and other financial services providers by their customers?
  • 2. In claims for the mis-selling of financial products, what types of non-contractual duties have been recognised by the court? In particular, is there scope to plead that duties owed by financial institutions to the relevant regulator in your jurisdiction are also owed directly by a financial institution to its customers?
  • 3. In claims for untrue or misleading statements or omissions in prospectuses, listing particulars and periodic financial disclosures, is there a statutory liability regime?
  • 4. Is there an implied duty of good faith in contracts concluded between financial institutions and their customers? What is the effect of this duty on financial services litigation?
  • 5. In what circumstances will a financial institution owe fiduciary duties to its customers? What is the effect of such duties on financial services litigation?
  • 6. How are standard form master agreements for particular financial transactions treated?
  • 7. Can a financial institution limit or exclude its liability? What statutory protections exist to protect the interests of consumers and private parties?
  • 8. What other restrictions apply to the freedom of financial institutions to contract?
  • 9. What remedies are available in financial services litigation?
  • More...

Financial services litigation—Switzerland—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to financial services litigation in Switzerland published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: Bär & Karrer—Aurélie Conrad Hari

1. What are the most common causes of action brought against banks and other financial services providers by their customers?

The most common causes of action between customers and banks (and independent wealth managers) relate to breach of contract, mostly for breach of fiduciary duties. Typical disputes relate to mismanagement of the assets or breach of the duty to inform or a duty of care by the services providers further to losses in investments. Claims are not only directed against asset managers, be it a bank or an external manager, but may also target a depositary bank acting as a distributor of financial products where breaches in mis-selling of financial products occurred (article 11 of the Stock Exchange and Securities Dealers Act (SESDA)).

2. In claims for the mis-selling of financial products, what types of non-contractual duties have been recognised by the court? In particular, is there scope to plead that duties owed by financial institutions to the relevant regulator in your jurisdiction are also owed directly by a financial institution to its customers?

Under Swiss law, the main duties related to the selling of financial products are

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