Swisslife Pension Plan
In recent decisions, the Princely District Court qualified an investment product consisting of several components as a global investment product for the first time and clarified that SwissLife (Liechtenstein) AG, which distributed the global investment product, is liable for all damages arising to a customer from the global investment product. Our law firm acts as representative of the claimants.
The court clarified that the product Swisslife Pension Plan, which consists of a pension insurance, a foreign currency loan and various redemption vehicles, is an global investment product designed and distributed by the legal predecessor of the defendant, CapitalLeben.
The court left no doubt that the global investment product with all its components was marketed with the knowledge and will of the insurance company. The insurance company had been obliged to explain and inform about all components of the global investment product as well as the risks and characteristics. The policyholder had been informed incorrectly and incompletely about the properties and risks of the global investment product at the time of conclusion of the contracts.
The court also held that the claims were not time-barred. According to the court it was decisive when the claimant had knowledge that the purchased product did not correspond to the descriptions of the insurance. Due to the many components, complex nature and the lack of overall information, the claimant had not able to have an overall view or assess the interaction of the various components of the complex investment product.
The decision and further concretization of the previous decisions of the Princely Supreme Court of 2016 in which the Supreme Court already judged that the insurance was also liable for the disadvantages of a external financing, if the borrowing was not based on a separate independent decision of the policyholder.
9 | 2020